Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-30falsefalsefalse185188Furniture and kitchen retail2023-10-01false 05406630 2023-10-01 2024-09-30 05406630 2022-10-01 2023-09-30 05406630 2024-09-30 05406630 2023-09-30 05406630 2022-10-01 05406630 2 2023-10-01 2024-09-30 05406630 2 2022-10-01 2023-09-30 05406630 d:Director1 2023-10-01 2024-09-30 05406630 d:Director2 2023-10-01 2024-09-30 05406630 d:Director3 2023-10-01 2024-09-30 05406630 d:Director4 2023-10-01 2024-09-30 05406630 d:Director5 2023-10-01 2024-09-30 05406630 d:Director5 2024-09-30 05406630 d:Director6 2023-10-01 2024-09-30 05406630 d:Director6 2024-09-30 05406630 d:Director7 2023-10-01 2024-09-30 05406630 d:Director7 2024-09-30 05406630 d:RegisteredOffice 2023-10-01 2024-09-30 05406630 e:Buildings e:LongLeaseholdAssets 2023-10-01 2024-09-30 05406630 e:Buildings e:LongLeaseholdAssets 2024-09-30 05406630 e:Buildings e:LongLeaseholdAssets 2023-09-30 05406630 e:FurnitureFittings 2023-10-01 2024-09-30 05406630 e:FurnitureFittings 2024-09-30 05406630 e:FurnitureFittings 2023-09-30 05406630 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05406630 e:OfficeEquipment 2023-10-01 2024-09-30 05406630 e:OfficeEquipment 2024-09-30 05406630 e:OfficeEquipment 2023-09-30 05406630 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05406630 e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05406630 e:Goodwill 2023-10-01 2024-09-30 05406630 e:Goodwill 2024-09-30 05406630 e:Goodwill 2023-09-30 05406630 e:CurrentFinancialInstruments 2024-09-30 05406630 e:CurrentFinancialInstruments 2023-09-30 05406630 e:CurrentFinancialInstruments e:WithinOneYear 2024-09-30 05406630 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 05406630 e:ShareCapital 2024-09-30 05406630 e:ShareCapital 2023-09-30 05406630 e:ShareCapital 2022-10-01 05406630 e:CapitalRedemptionReserve 2023-10-01 2024-09-30 05406630 e:CapitalRedemptionReserve 2024-09-30 05406630 e:CapitalRedemptionReserve 2023-09-30 05406630 e:CapitalRedemptionReserve 2022-10-01 05406630 e:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 05406630 e:RetainedEarningsAccumulatedLosses 2024-09-30 05406630 e:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 05406630 e:RetainedEarningsAccumulatedLosses 2023-09-30 05406630 e:RetainedEarningsAccumulatedLosses 2022-10-01 05406630 e:AcceleratedTaxDepreciationDeferredTax 2024-09-30 05406630 e:AcceleratedTaxDepreciationDeferredTax 2023-09-30 05406630 e:RetirementBenefitObligationsDeferredTax 2024-09-30 05406630 e:RetirementBenefitObligationsDeferredTax 2023-09-30 05406630 d:OrdinaryShareClass1 2023-10-01 2024-09-30 05406630 d:OrdinaryShareClass1 2024-09-30 05406630 d:OrdinaryShareClass1 2023-09-30 05406630 d:FRS102 2023-10-01 2024-09-30 05406630 d:Audited 2023-10-01 2024-09-30 05406630 d:FullAccounts 2023-10-01 2024-09-30 05406630 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 05406630 e:Subsidiary1 2023-10-01 2024-09-30 05406630 e:Subsidiary1 1 2023-10-01 2024-09-30 05406630 e:Subsidiary2 2023-10-01 2024-09-30 05406630 e:Subsidiary2 1 2023-10-01 2024-09-30 05406630 e:WithinOneYear 2024-09-30 05406630 e:WithinOneYear 2023-09-30 05406630 e:BetweenOneFiveYears 2024-09-30 05406630 e:BetweenOneFiveYears 2023-09-30 05406630 e:MoreThanFiveYears 2024-09-30 05406630 e:MoreThanFiveYears 2023-09-30 05406630 6 2023-10-01 2024-09-30 05406630 e:Goodwill e:OwnedIntangibleAssets 2023-10-01 2024-09-30 05406630 f:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 05406630
















NEPTUNE RETAIL LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024


































img5d48.png


NEPTUNE RETAIL LIMITED

 
COMPANY INFORMATION


DIRECTORS
J G Redman 
J E Sims-Hilditch 
E Sims-Hilditch 
H Redman 
C A Yorke-Long (appointed 8 February 2024, resigned 5 January 2025)
W Coulten (appointed 8 February 2024)
M Clark (appointed 2 September 2024)




REGISTERED NUMBER
05406630



REGISTERED OFFICE
The Neptune Building Frankland Road
Frankland Road

Blagrove

Swindon

Wiltshire

SN5 8YG




INDEPENDENT AUDITORS
Bishop Fleming Audit Limited
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






NEPTUNE RETAIL LIMITED


CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Directors' responsibilities statement
 
5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Statement of financial position
 
11
Statement of changes in equity
 
12
Notes to the financial statements
 
13 - 27



NEPTUNE RETAIL LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

BUSINESS REVIEW
 
The Company is a wholly owned subsidiary of the Neptune Holdco Limited Group (‘The Group’). 
FY24 was a pivotal year for Neptune, marking important progress in our journey toward long-term, sustainable profitability. While Group turnover remained stable at £73.4m (vs £73.6m in FY23), this performance was achieved against a backdrop of continued significant external headwinds, including category-wide demand softness in the UK and ongoing shipping disruptions arising from conflict in the Middle East.
In response, the Group delivered a broad range of cost reduction and operational efficiency initiatives whilst also making strategic changes to strengthen leadership, most notably through the appointment of our new CEO, Mike Clark. These efforts supported a return to profitability, with Group operating profit of £0.6m. While this compares to £1.9m in FY23, the prior year included a one-off gain of £2.6m from negative goodwill. On an underlying basis, this reflects a material improvement, from a £0.7m operating loss in FY23 to a £0.6m profit in FY24.
Throughout the year, we have remained focused on investing in our brand and sharpening our core product propositions. This renewed focus led to robust kitchen and furniture order books as we exited FY24, positioning us strongly for the year ahead. In parallel, our financing was successfully renewed in August 2024 on terms consistent with prior arrangements, providing continued stability and support for our growth ambitions.
“FY24 represents a clear turning point in Neptune’s turnaround strategy, moving us from stabilisation into positive momentum. The Board is particularly encouraged by the continued improvement in financial performance into H1 FY25, with EBITDA nearly doubling that of the same period last year. We are increasingly confident that the business is on track to deliver a much stronger full-year result.
As we look ahead, we do so with a renewed sense of purpose, focus, and optimism. I would like to offer my thanks to the Neptune team whose hard work and determination have been instrumental in navigating the challenges of the past few years and setting new pace and momentum for the business.” Will Kernan, Executive Chairman

PRINCIPAL RISKS AND UNCERTAINTIES
 
The company is exposed to the following risks and uncertainties and mitigates them as follows:
Interest rate and liquidity risk
The company has bank borrowings and is therefore exposed to interest rate and liquidity risk. The directors closely monitor borrowing facilities in order to mitigate this risk.
Technology risk
The company will continue to invest in research and development in order to ensure its products and internal processes remain competitive

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
 
The directors of the Company consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of all stakeholders of the company including its shareholders, employees, customers and the wider community. By managing the business responsibly the directors intend to support a financially stable and rewarding organisation which looks to deliver value for all stakeholders.

Page 1


NEPTUNE RETAIL LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


This report was approved by the board and signed on its behalf.



W Coulten
Director

Date: 25 June 2025

Page 2


NEPTUNE RETAIL LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £2,080,068 (2023: loss £802,061).

No dividends were paid during the year (2023: £Nil).

DIRECTORS

The directors who served during the year were:

J G Redman 
J E Sims-Hilditch 
E Sims-Hilditch 
H Redman 
C A Yorke-Long (appointed 8 February 2024, resigned 5 January 2025)
W Coulten (appointed 8 February 2024)
M Clark (appointed 2 September 2024)

GOING CONCERN

The retail environment in the UK remains challenging and therefore represents an ongoing risk to the business. However, the business delivered a number of transformation initiatives during the year and the business has the wider support of the Neptune Group, which has delivered a step change in performance during the first half of FY25. As part of the Neptune Group, the business continues to have ongoing funding support. As a result, the Group’s projections, after considering reasonable possible changes in performance, show that the Group is able to operate within its financing levels and therefore management deem that the accounts should be made on a going concern basis.

ENGAGEMENT WITH EMPLOYEES

The Company's policy is to consult and discuss with employees matters likely to affect their interests.
Information on matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Company's performance.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The Company has continued to foster relationships with both customers and suppliers, using regular meetings and updates to provide information on any major decisions that would impact them.

DISABLED EMPLOYEES

The Company gives every consideration to applications for employment from disabled persons where the requirements of the job may be adequately covered by a disabled person. With regard to existing disabled employees and those who have become disabled during the year, the Company has continued to examine ways and means of providing continuing employment under normal terms and conditions and to provide training, career development and promotion wherever appropriate.

MATTERS COVERED IN THE STRATEGIC REPORT

The Company has included mandatory directors' report disclosures within the strategic report as they are considered by the directors to be of strategic importance.

Page 3


NEPTUNE RETAIL LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no events since the balance sheet date that required disclosure in these financial statements.

AUDITORS

The auditorsBishop Fleming Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






W Coulten
Director

Date: 25 June 2025

The Neptune Building Frankland Road
Frankland Road
Blagrove
Swindon
Wiltshire
SN5 8YG

Page 4


NEPTUNE RETAIL LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5


NEPTUNE RETAIL LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEPTUNE RETAIL LIMITED
OPINION


We have audited the financial statements of Neptune Retail Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


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


CONCLUSIONS RELATING TO GOING CONCERN


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


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


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


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 6


NEPTUNE RETAIL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEPTUNE RETAIL LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 7


NEPTUNE RETAIL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEPTUNE RETAIL LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

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


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

We have considered the nature of the sector, control environment and financial performance;
We have considered the results of enquiries with management and directors in relation to their own identification and assessment of the risk of irregularities within the entity; and 
We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating in line with documentation. 

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. 
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the Financial Statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulation that do not have a direct effect on the Financial Statements but compliance with which may be fundamental to the Company's ability to operate or avoid a material penalty. These included data protection legislation, health and safety regulations and employment law. 
Audit response to risks identified
We identified recognition of revenue and management override as key audit matters related to the potential risk of fraud, our procedures to respond to risks identified included the following:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Performing various substantive tests of detail related to the recognition of revenue;
Enquiring of management concerning actual and potential litigation claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
 




Page 8


NEPTUNE RETAIL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEPTUNE RETAIL LIMITED (CONTINUED)


As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in the Financial Statements or non-compliance with regulation, will be detected by us. This risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the Financial Statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.


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


USE OF OUR REPORT
 

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






Ria Burridge FCCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming Audit Limited
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

27 June 2025
Page 9


NEPTUNE RETAIL LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
24,955,825
25,440,007

Cost of sales
  
(16,144,211)
(15,668,851)

Gross profit
  
8,811,614
9,771,156

Distribution costs
  
(2,026,823)
(2,212,889)

Administrative expenses
  
(9,022,167)
(8,362,439)

Operating loss
 5 
(2,237,376)
(804,172)

Interest payable and similar expenses
 8 
-
(35,000)

Loss before tax
  
(2,237,376)
(839,172)

Tax on loss
 9 
157,308
37,111

Loss for the financial year
  
(2,080,068)
(802,061)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 27 form part of these financial statements.

Page 10


NEPTUNE RETAIL LIMITED
REGISTERED NUMBER:05406630

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
100,377
147,377

Tangible assets
 11 
4,587,239
5,256,873

Investments
 12 
1,999,505
1,999,505

  
6,687,121
7,403,755

Current assets
  

Stocks
 13 
4,134,655
3,479,606

Debtors: amounts falling due within one year
 14 
1,556,558
2,811,718

Cash at bank and in hand
 15 
878,892
4,010,293

  
6,570,105
10,301,617

Creditors: amounts falling due within one year
 16 
(15,318,082)
(17,528,852)

Net current liabilities
  
 
 
(8,747,977)
 
 
(7,227,235)

Total assets less current liabilities
  
(2,060,856)
176,520

Provisions for liabilities
  

Deferred tax
 17 
-
(157,308)

  
 
 
-
 
 
(157,308)

Net (liabilities)/assets
  
(2,060,856)
19,212


Capital and reserves
  

Called up share capital 
 18 
71
71

Capital redemption reserve
 19 
17
17

Profit and loss account
 19 
(2,060,944)
19,124

  
(2,060,856)
19,212


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





W Coulten
Director

Date: 25 June 2025

The notes on pages 13 to 27 form part of these financial statements.

Page 11


NEPTUNE RETAIL LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2023
71
17
19,124
19,212



Loss for the year
-
-
(2,080,068)
(2,080,068)


At 30 September 2024
71
17
(2,060,944)
(2,060,856)


The notes on pages 13 to 27 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2022
71
17
821,185
821,273



Loss for the year
-
-
(802,061)
(802,061)


At 30 September 2023
71
17
19,124
19,212


The notes on pages 13 to 27 form part of these financial statements.

Page 12


NEPTUNE RETAIL LIMITED

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

1.


GENERAL INFORMATION

Neptune Retail Limited is a limited liability company incorporated in England. The registered office is The Neptune Building, Frankland Road, Blagrove, Swindon, Wiltshire, SN5 8YG.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3)

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102- REDUCED DISCLOSURE EXEMPTIONS

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 33 Related Party Disclosures as per Section 33.1A.
This information is included in the consolidated financial statements of Neptune Holdco Limited as at 30 September 2024.

  
2.3

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company is a parent company that is also a subsidiary included in the consolidated financial
statements of a larger group by a parent undertaking established under the law of any part of the
United Kingdom and is therefore exempt from the requirement to prepare consolidated financial
statements under section 400 of the Companies Act 2006.

 
2.4

GOING CONCERN

The retail environment in the UK remains challenging and therefore represents an ongoing risk to the business. However, the business delivered a number of transformation initiatives during the year and the business has the wider support of the Neptune Group, which has delivered a step change in performance during the first half of FY25. As part of the Neptune Group, the business continues to have ongoing funding support. As a result, the Group’s projections, after considering reasonable possible changes in performance, show that the Group is able to operate within its financing levels and therefore management deem that the accounts should be made on a going concern basis.

Page 13


NEPTUNE RETAIL LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.5

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property improvements
-
over remaining life of the lease
Fixtures and fittings
-
10% - 50% Straight line
Office equipment
-
15% - 50% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.7

IMPAIRMENT OF FIXED ASSETS AND GOODWILL

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 14


NEPTUNE RETAIL LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.8

STOCKS

Stocks are stated 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, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 15


NEPTUNE RETAIL LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.12

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis over 5 years to the Statement of comprehensive income over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.13

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

ASSOCIATES AND JOINT VENTURES

Associates and Joint Ventures are held at cost less impairment.

 
2.15

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16


NEPTUNE RETAIL LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.19

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
 
Page 17


NEPTUNE RETAIL LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.19
FINANCIAL INSTRUMENTS (CONTINUED)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgments and estimates. 
Stock provision
The year end stock provision seeks to provide against any old, slow moving or damaged stock. Management performs a detailed assessment of the stock and considers ageing reports in establishing this provision.


4.


TURNOVER

All turnover arose within the United Kingdom.

Page 18


NEPTUNE RETAIL LIMITED

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

5.


OPERATING LOSS

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
871,275
906,483

Fee payable to the Company's auditor for the audit of the Company's annual financial statements
16,000
14,000

Other operating lease rentals
746,500
715,875


6.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,933,363
3,734,019

Social security costs
398,794
360,972

Cost of defined contribution scheme
81,340
86,214

4,413,497
4,181,205


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production and administrative staff
185
188


7.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
30,000
20,000

Company contributions to defined contribution pension schemes
443
-

30,443
20,000


Page 19


NEPTUNE RETAIL LIMITED

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

8.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Loans from group undertakings
-
35,000

-
35,000


9.


TAXATION


2024
2023
£
£



TOTAL CURRENT TAX
-
-

DEFERRED TAX


Origination and reversal of timing differences
(158,210)
(41,360)

Adjustments in respect of prior periods
902
4,249

TOTAL DEFERRED TAX
(157,308)
(37,111)


TAX ON LOSS
(157,308)
(37,111)

FACTORS AFFECTING TAX CHARGE FOR YEAR

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 22.01%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(2,237,376)
(839,172)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 22.01%)
(559,344)
(184,687)

EFFECTS OF:


Capital allowances for year in excess of depreciation
98,732
96,048

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
918
-

Adjustments to deferred tax charge in respect of prior periods
902
4,249

Movement in deferred tax not recognised
122,382
-

Remeasurement of deferred tax for changes in tax rates
-
(4,950)

Group relief
179,102
52,229

TOTAL TAX CHARGE FOR THE YEAR
(157,308)
(37,111)

Page 20


NEPTUNE RETAIL LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
9.TAXATION (CONTINUED)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


10.


INTANGIBLE ASSETS




Goodwill

£



COST


At 1 October 2023
288,377



At 30 September 2024

288,377



AMORTISATION


At 1 October 2023
141,000


Charge for the year on owned assets
47,000



At 30 September 2024

188,000



NET BOOK VALUE



At 30 September 2024
100,377



At 30 September 2023
147,377



Page 21


NEPTUNE RETAIL LIMITED

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

11.


TANGIBLE FIXED ASSETS





Leasehold property improvements
Fixtures and fittings
Office equipment
Total

£
£
£
£



COST


At 1 October 2023
8,737,950
1,643,617
416,510
10,798,077


Additions
99,540
74,232
31,014
204,786


Disposals
-
(3,145)
-
(3,145)



At 30 September 2024

8,837,490
1,714,704
447,524
10,999,718



DEPRECIATION


At 1 October 2023
4,521,848
730,508
288,848
5,541,204


Charge for the year on owned assets
603,227
226,397
41,651
871,275



At 30 September 2024

5,125,075
956,905
330,499
6,412,479



NET BOOK VALUE



At 30 September 2024
3,712,415
757,799
117,025
4,587,239



At 30 September 2023
4,216,102
913,109
127,662
5,256,873

Page 22


NEPTUNE RETAIL LIMITED

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

12.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies
Investments in associates
Total

£
£
£



COST


At 1 October 2023
2,048,996
499
2,049,495



At 30 September 2024

2,048,996
499
2,049,495



IMPAIRMENT


At 1 October 2023
49,990
-
49,990



At 30 September 2024

49,990
-
49,990



NET BOOK VALUE



At 30 September 2024
1,999,006
499
1,999,505



At 30 September 2023
1,999,006
499
1,999,505


SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Bucton Limited
Ordinary
100%
Design Centre (Suffolk) Limited
Ordinary
100%


13.


STOCKS

2024
2023
£
£

Finished goods and goods for resale
4,134,655
3,479,606

4,134,655
3,479,606


Page 23


NEPTUNE RETAIL LIMITED

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

14.


DEBTORS

2024
2023
£
£


Trade debtors
132,515
106,372

Amounts owed by group undertakings
617,314
1,390,443

Other debtors
112,495
62,141

Prepayments and accrued income
694,234
1,252,762

1,556,558
2,811,718


Amounts due from group undertakings are interest free and repayable on demand.


15.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
878,892
4,010,293

Less: bank overdrafts
(9,126,329)
(11,263,156)

(8,247,437)
(7,252,863)



16.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank overdrafts
9,126,329
11,263,156

Trade creditors
485,744
212,013

Amounts owed to group undertakings
1,886,082
1,033,596

Corporation tax
8,869
8,869

Other taxation and social security
235,735
665,059

Other creditors
24,294
32,974

Accruals and deferred income
3,551,029
4,313,185

15,318,082
17,528,852


Amounts due to group undertakings are interest free and repayable on demand.

Page 24


NEPTUNE RETAIL LIMITED

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

17.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
(157,308)
(194,419)


Credited to profit or loss
157,308
37,111



AT END OF YEAR
-
(157,308)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed asset timing differences
-
(159,547)

Short term timing differences
-
2,239

-
(157,308)


18.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



7,145 (2023: 7,145) Ordinary shares of £0.01 each
71
71



19.


RESERVES

Capital redemption reserve

The capital redemption reserves represents the nominal value of shares repurchased by the company.

Profit and loss account

This includes all current and prior period retained profits and losses and is considered to be distributable.

Page 25


NEPTUNE RETAIL LIMITED

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

20.


CONTINGENT LIABILITIES

A company under common control has entered into the following agreements with HSBC Bank Plc:
Revolving credit facility - under the terms of this agreement Neptune Holdco Limited is entitled to request loans of up to £10,000,000. At the year end the company had received £10,000,000 of this facility.
These loans are secured by a fixed and floating charge over all assets of Neptune Retail Limited in favour of the bank as well as an unlimited composite company guarantee between all members of the group and its associates.
In addition, the following group company banking facilities are supported by the unlimited composite company guarantee between all members of the group in favour of HSBC Bank Plc: Forward contracts & currency options £5,950,440 (2023: £12,410,034).


21.


PENSION COMMITMENTS

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund an amounted to £111,277 (2023: £86,214). Contributions total £18,295 (2023: £20,658) were payable to the fund at the reporting date and are included in creditors.


22.


COMMITMENTS UNDER OPERATING LEASES

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
524,000
715,875

Later than 1 year and not later than 5 years
1,013,500
1,335,500

Later than 5 years
499,500
701,500

2,037,000
2,752,875


23.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the FRS 102, Section 33, exemption not to disclose related party transactions and balances with wholly owned subsidiaries within the Neptune Holdco Limited group.
Amounts owed to companies under common control at the year end were £1,886,082 (2023: £1,033,596). Amounts owed from companies under common control at the year end were £617,314 (2023: £1,390,443). 
HSBC Bank Plc has provided a collective net overdraft facility of £7,500,000 (2023: £7,500,000) to the group, including Neptune Retail Ltd and its associates.
The overdraft facility is secured by a fixed and floating charge over all the assets of Neptune Retail Limited in favour of the bank as well as an unlimited composite company guarantee between all members of the group and its associates.

Page 26


NEPTUNE RETAIL LIMITED

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

24.


CONTROLLING PARTY

The ultimate and immediate parent undertaking is Neptune Holdco Limited, a company incorporated in England and Wales. The smallest and largest group for which group financial statements are prepared is Neptune Holdco Limited. Copies of the group financial statements are available from Companies House.
There is no ultimate controlling party. The company is controlled equally by the two directors, J G Redman and J E Sims-Hilditch.

 
Page 27