FOR THE YEAR ENDED 31 DECEMBER 2024
TIGER RETAIL LIMITED
COMPANY INFORMATION
TIGER RETAIL LIMITED
CONTENTS
TIGER RETAIL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Tiger Retail Limited is a variety and seasonal retailer offering a broad range of primarily own branded, own designed products with an assortment of categories ranging from hobby, home, party, toys, electronic and gadgets to food and fashion accessories, with the products having a distinct Scandinavian design. We create modern, seasonal items and modern, colourful everyday items.
Tiger Retail Limited is part of the Zebra A/S group. The group operates more than 1,000 stores across the world. The head office and international business development team are based in Denmark.
Business Review
The principal activity of the company during the year continued to be the sale of goods through its retail stores located throughout the UK. In 2024, we continued to optimise our store network and functions in order to strengthen our setup for solid future growth. The activities in Tiger U.K. (Midlands) Limited. were transferred to Tiger Retail Limited, adding all the Flying Tiger Copenhagen stores located in the Midlands to the company.
In 2024, Tiger Retail Limited generated earnings before interest, tax, amortisation, depreciation and impairment
losses (EBITDA) of £4.9m, compared to £4.0m in 2023. Turnover in 2024 was £70.1m, which was 22% higher
than in 2023. Turnover performance was affected by the larger number of stores following the merger with Tiger U.K. (Midlands) Limited which contributes around £17m in annual revenue. Additonally, turnover performance was the result of very strong product campaigns in general and particularly around Halloween and Christmas in Q4, which remains the strongest trading period for our company. Net profit for the year amounted to £2.2m, and net assets as at the year end are £6.7m compared to £4.5m in 2023, with cash at bank increasing from £25.8m to £32.2m.
Overall performance came on the back of disciplined cost control and a strong performance by the employees in our stores. One new store opened in 2024. In 2024, Tiger Retail was recognised for our continued progress on sustainability receiving an EcoVadis Silver rating.
Future Developments
Sustainability continues to be a high priority when we run our business. The business design and supply more sustainable products to its customers. We are proud to be recognised for our continued progress on sustainability receiving an EcoVadis Silver rating for the third time in 2024. The rating helps provide an overview of our sustainability actions, identify areas we can improve and drives change. Our sustainability score has seen substantial growth and jumped over 60% since 2021. The EcoVadis Silver rating puts our Sustainability performance in the top 6% of companies of all companies globally. It rates over 150,000 companies.
Flying Tiger Copenhagen’s successful expansion continued with the opening of one new store in West Quay Southampton in 2024. In addition, 23 stores from Tiger U.K. (Midlands) Limited were transferred to Tiger Retail Limited. in 2024. In February 2025, a new store was opened in Manchester’s Trafford Centre, with plans to open three additional stores later in the year.
Tiger Retail Limited is part of the Zebra A/S group. The group operates more than 1,000 stores across the world. The head office and international business development team are based in Denmark.
Business Review
The principal activity of the company during the year continued to be the sale of goods through its retail stores located throughout the UK. In 2024, we continued to optimise our store network and functions in order to strengthen our setup for solid future growth. The activities in Tiger U.K. (Midlands) Limited. were transferred to Tiger Retail Limited, adding all the Flying Tiger Copenhagen stores located in the Midlands to the company.
In 2024, Tiger Retail Limited generated earnings before interest, tax, amortisation, depreciation and impairment
losses (EBITDA) of £4.9m, compared to £4.0m in 2023. Turnover in 2024 was £70.1m, which was 22% higher
than in 2023. Turnover performance was affected by the larger number of stores following the merger with Tiger U.K. (Midlands) Limited which contributes around £17m in annual revenue. Additonally, turnover performance was the result of very strong product campaigns in general and particularly around Halloween and Christmas in Q4, which remains the strongest trading period for our company. Net profit for the year amounted to £2.2m, and net assets as at the year end are £6.7m compared to £4.5m in 2023, with cash at bank increasing from £25.8m to £32.2m.
Overall performance came on the back of disciplined cost control and a strong performance by the employees in our stores. One new store opened in 2024. In 2024, Tiger Retail was recognised for our continued progress on sustainability receiving an EcoVadis Silver rating.
Future Developments
Sustainability continues to be a high priority when we run our business. The business design and supply more sustainable products to its customers. We are proud to be recognised for our continued progress on sustainability receiving an EcoVadis Silver rating for the third time in 2024. The rating helps provide an overview of our sustainability actions, identify areas we can improve and drives change. Our sustainability score has seen substantial growth and jumped over 60% since 2021. The EcoVadis Silver rating puts our Sustainability performance in the top 6% of companies of all companies globally. It rates over 150,000 companies.
Flying Tiger Copenhagen’s successful expansion continued with the opening of one new store in West Quay Southampton in 2024. In addition, 23 stores from Tiger U.K. (Midlands) Limited were transferred to Tiger Retail Limited. in 2024. In February 2025, a new store was opened in Manchester’s Trafford Centre, with plans to open three additional stores later in the year.
The directors continuously monitor the risks and uncertainties facing the company and take proactive measures to mitigate them, in order to safeguard financial stability and ensure sustainable growth. The directors consider the following risks to be particularly relevant at this time:
Currency Risk
The UK business has limited direct exposure to movement in the foreign exchange as this is primarily managed by the parent. Goods are sourced in USD but are purchased locally in GBP at a pre agreed price. Any fluctuations are monitored by the parent company.
Liquidity Risk
The liquidity position is closely monitored and regularly reviewed by local management and the parent company treasury team. This review covers all elements that impact cashflow and any actions to reduce related risks.
Currency Risk
The UK business has limited direct exposure to movement in the foreign exchange as this is primarily managed by the parent. Goods are sourced in USD but are purchased locally in GBP at a pre agreed price. Any fluctuations are monitored by the parent company.
Liquidity Risk
The liquidity position is closely monitored and regularly reviewed by local management and the parent company treasury team. This review covers all elements that impact cashflow and any actions to reduce related risks.
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TIGER RETAIL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Interest Rate Risk
Local company borrowings are exposed to the risk of fluctuations in interest rates. Where applicable, the local management team continue to work closely with the parent treasury function in order to monitor this risk and attempt to mitigate these risks where possible.
Supply Chain Disruptions
Disruption to our supply chain, both inbound to our warehouses as well as outbound from our warehouses to stores, may cause product shortage and/or longer lead times. This may have a negative impact on our reputation as well as our ability to meet demand, which can negatively impact our financial results. To mitigate such potentially negative impacts, Zebra constantly monitors the supply chain and continues to invest in and build sourcing and supply chain systems, processes and capabilities and holds a marine cargo insurance policy.
Local company borrowings are exposed to the risk of fluctuations in interest rates. Where applicable, the local management team continue to work closely with the parent treasury function in order to monitor this risk and attempt to mitigate these risks where possible.
Supply Chain Disruptions
Disruption to our supply chain, both inbound to our warehouses as well as outbound from our warehouses to stores, may cause product shortage and/or longer lead times. This may have a negative impact on our reputation as well as our ability to meet demand, which can negatively impact our financial results. To mitigate such potentially negative impacts, Zebra constantly monitors the supply chain and continues to invest in and build sourcing and supply chain systems, processes and capabilities and holds a marine cargo insurance policy.
The Directors recognize their responsibility to understand the views of the company's other key stakeholders and detail below the considerations in relation to Section 172 of the Companies Act 2006.
Directors Statement of Compliance with Duty to Promote the Success of the Company
The Directors have regard to the requirements of s172(1) Companies Act 2006 when carrying out their duties and especially as follows:
The likely consequences of any decision in the long-term
The continued long-term health of the business is always paramount in the thoughts of the Directors. The directors are responsible for setting the strategic direction of the company, establishing the company’s purpose and values, and taking a leading role in laying the foundations of the company’s culture. The strategy is set to promote long-term growth and increase value for all stakeholders. In taking decisions, the directors carefully consider the balance of interests of the stakeholders who might be affected and the likely short- and long-term impact.
The interests of the company’s employees
The Directors recognize that a major strength of its business is in the skill and flexibility of its workforce. The Directors are committed to treating their employees fairly and respectfully.
Atobi provides a single platform of communication for all our employees. We also undertake bi annual engagement surveys to ensure that our employees are fully engaged and ready to provide the best experience for our loyal customers.
We give full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.
The Directors consider and assess the implications of relevant decisions on employees.
The need to foster the company’s business relationships with suppliers, customers, and others
The principal business is offering inspiring products within a wide range of product categories. The Directors acknowledge and appreciate the strong and supportive relationship established with its suppliers over the years. Maintaining good relationships with the suppliers and customers is an essential part of this business and its long-term success. Maintaining and building strong long-term relationships with suppliers underpins the commitment to the customers.
During the year, we continued to strengthen our social media presence across all platforms and collaborated with influencers to engage with customers.
The Directors consider the impact on suppliers and customers in their decisions as it is fundamental to the business
Directors Statement of Compliance with Duty to Promote the Success of the Company
The Directors have regard to the requirements of s172(1) Companies Act 2006 when carrying out their duties and especially as follows:
The likely consequences of any decision in the long-term
The continued long-term health of the business is always paramount in the thoughts of the Directors. The directors are responsible for setting the strategic direction of the company, establishing the company’s purpose and values, and taking a leading role in laying the foundations of the company’s culture. The strategy is set to promote long-term growth and increase value for all stakeholders. In taking decisions, the directors carefully consider the balance of interests of the stakeholders who might be affected and the likely short- and long-term impact.
The interests of the company’s employees
The Directors recognize that a major strength of its business is in the skill and flexibility of its workforce. The Directors are committed to treating their employees fairly and respectfully.
Atobi provides a single platform of communication for all our employees. We also undertake bi annual engagement surveys to ensure that our employees are fully engaged and ready to provide the best experience for our loyal customers.
We give full consideration to applications for employment from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. Where existing employees become disabled, it is the company's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.
The Directors consider and assess the implications of relevant decisions on employees.
The need to foster the company’s business relationships with suppliers, customers, and others
The principal business is offering inspiring products within a wide range of product categories. The Directors acknowledge and appreciate the strong and supportive relationship established with its suppliers over the years. Maintaining good relationships with the suppliers and customers is an essential part of this business and its long-term success. Maintaining and building strong long-term relationships with suppliers underpins the commitment to the customers.
During the year, we continued to strengthen our social media presence across all platforms and collaborated with influencers to engage with customers.
The Directors consider the impact on suppliers and customers in their decisions as it is fundamental to the business
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TIGER RETAIL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The impact of the company’s operations on the community and the environment
The Directors recognize that the community around the stores in the UK should not be adversely affected by our operations. We seek to minimize waste, reduce our impact on the environment and reduce the use of energy and resources. For both community and environmental reasons, the Directors aim to ensure that the products that we supplies conform to appropriate environmental requirements.
The desirability of the company maintaining a reputation for high standards of business conduct
The Directors recognize that the reputation of the business dealings is of paramount importance. The Parent company periodically reviews and approves standards of conduct, policies and procedures related thereto, and ensures personnel participate in training covering topics regarding health and safety, bribery and corruption, data protection, cyber security etc. The decisions of the Directors are made within the context of preserving the reputation of the business, and with a zero-tolerance approach to any illegal or other actions which may harm the reputation of the business,
The need to act fairly between members of the company
Directors for the company are also shareholders in the parent company. The Directors regularly communicate with the other shareholders to ensure that they are properly informed on all matters that affect them as members of the group.
The Directors recognize that the community around the stores in the UK should not be adversely affected by our operations. We seek to minimize waste, reduce our impact on the environment and reduce the use of energy and resources. For both community and environmental reasons, the Directors aim to ensure that the products that we supplies conform to appropriate environmental requirements.
The desirability of the company maintaining a reputation for high standards of business conduct
The Directors recognize that the reputation of the business dealings is of paramount importance. The Parent company periodically reviews and approves standards of conduct, policies and procedures related thereto, and ensures personnel participate in training covering topics regarding health and safety, bribery and corruption, data protection, cyber security etc. The decisions of the Directors are made within the context of preserving the reputation of the business, and with a zero-tolerance approach to any illegal or other actions which may harm the reputation of the business,
The need to act fairly between members of the company
Directors for the company are also shareholders in the parent company. The Directors regularly communicate with the other shareholders to ensure that they are properly informed on all matters that affect them as members of the group.
The turnover for Tiger Retail Limited in 2024 was £70.1m which showed a rise in turnover between 2024 and 2023 of 22%. This was in line with expectation after transfer of the activities from Tiger U.K. (Midland) Limited. Gross Margin was 52.8% in 2024 versus 53.4% in 2023.
The directors and management review regularly key performance indicators relating to occupancy costs, store salary and general overheads. Monthly business review calls are held with the Chief Retail Officer (CRO) and Vice President, Finance to ensure accountability and strong financial rigour in accordance with group governance guidelines.
This report was approved by the board and signed on its behalf.
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TIGER RETAIL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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 2006. They 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £2,247,545 (2023: £1,096,436).
The directors do not recommend payment of a final dividend (2023: £Nil).
The directors who served during the year were:
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TIGER RETAIL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2020 UK Government's Conversion Factors for Company Reporting.
As an organisation, we are very conscious of our environmental responsibilities. We want our stores to reflect our high ambitions and commitment to the sustainability agenda by minimising their footprint as much as possible using circular and responsible materials. We have undertaken the following measures to improve energy efficiency and reduce greenhouse gas emissions:
∙We use 100% renewable electricty in all UK stores.
∙All our shop floors use 100% LED lightbulbs, which are lower in emissions than conventional light bulbs.
∙On a company group level (Zebra AS) we have full GHG reporting covering all scopes (1, 2 and 3), including all value chain emissions for example related to products and packaging. See Zebra A/S's 2024 annual report.
∙On a group level, we have four GHG emission reduction targets approved by the Science Based Targets Initiative. We are on track or ahead on all four targets.
We have chosen Turnover (£000) as intensity metric, as this is an appropriate metric for the business.
Engagement with Suppliers, Customers and Others
Through our trading relationships, we maintain a continuous dialogue with both customers and suppliers.
Suppliers
Our policy is to select, develop and maintain relations with suppliers on long-term basis. This ensures that the suppliers meet our quality requirements as well as maintaining the ethical standards by a world-wide Group.
Customers
We engage with our customers through social media, newsletters, surveys, events.
Through our trading relationships, we maintain a continuous dialogue with both customers and suppliers.
Suppliers
Our policy is to select, develop and maintain relations with suppliers on long-term basis. This ensures that the suppliers meet our quality requirements as well as maintaining the ethical standards by a world-wide Group.
Customers
We engage with our customers through social media, newsletters, surveys, events.
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TIGER RETAIL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Going Concern
The directors have assessed the ability of the company to continue as a going concern. The directors have prepared forecasts which have been stress tested. The directors expect the business, as a minimum, to generate the revenues assumed in the cashflow forecasts and are confident that the business will have sufficient funding to continue operating for the foreseeable future.
However, it is accepted that there are potential scenarios where the company does not achieve the revenues assumed within the forecast and which may result in the company having to utilise alternative funding sources.
The directors have concluded this does not constitute any material uncertainty which may cast significant doubt over the ability of the company to continue as a going concern for the period of 12 months from the date of signing.
The directors have assessed the ability of the company to continue as a going concern. The directors have prepared forecasts which have been stress tested. The directors expect the business, as a minimum, to generate the revenues assumed in the cashflow forecasts and are confident that the business will have sufficient funding to continue operating for the foreseeable future.
However, it is accepted that there are potential scenarios where the company does not achieve the revenues assumed within the forecast and which may result in the company having to utilise alternative funding sources.
The directors have concluded this does not constitute any material uncertainty which may cast significant doubt over the ability of the company to continue as a going concern for the period of 12 months from the date of signing.
The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the director's report. It has done so in respect of financial instruments and future developments.
At the beginning of June 2025, the Executive Management, with the support of the banks, completed a management buy-out ("MBO") of Zebra A/S, the parent undertaking of Tiger Retail Limited, ultimately obtaining a majority ownership.
As part of the MBO, the Executive Management and the banks have agreed to redesign the capital structure of Zebra A/S through an equity contribution of DKK 1,390m. The maturities of the interest-bearing debt of the Group, including the Danske bank loan within Tiger Retail Limited, has been extended to June 2028.
No other events have occurred after 31 December 2024 that impact the financial position of Tiger Retail Limited.
As part of the MBO, the Executive Management and the banks have agreed to redesign the capital structure of Zebra A/S through an equity contribution of DKK 1,390m. The maturities of the interest-bearing debt of the Group, including the Danske bank loan within Tiger Retail Limited, has been extended to June 2028.
No other events have occurred after 31 December 2024 that impact the financial position of Tiger Retail Limited.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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TIGER RETAIL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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TIGER RETAIL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGER RETAIL LIMITED
We have audited the financial statements of Tiger Retail Limited (the 'Company') for the year ended 31 December 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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
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.
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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TIGER RETAIL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGER RETAIL LIMITED (CONTINUED)
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.
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.
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:
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TIGER RETAIL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGER RETAIL LIMITED (CONTINUED)
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
∙the nature of the industry and sector, control environment and business performance; results of our enquiries of management and the board about their own identification and assessment of the risks of irregularities;
∙any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
°the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue and management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud.
We 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 and tax legislation.
In addition, we considered provisions of other laws and regulations 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 to avoid a material penalty. These included occupational health and safety regulations and employment legislation
Our audit procedures performed to respond to the risks identified included but were not limited to:
We 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 and tax legislation.
In addition, we considered provisions of other laws and regulations 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 to avoid a material penalty. These included occupational health and safety regulations and employment legislation
Our audit procedures performed to respond to the risks identified included but were not limited to:
∙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;
∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
∙identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud; and
∙challenging assumptions and judgments made by management in their significant accounting estimates.
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.
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TIGER RETAIL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TIGER RETAIL LIMITED (CONTINUED)
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves 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.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
1-3 College Yard
WR1 2LB
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TIGER RETAIL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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TIGER RETAIL LIMITED
REGISTERED NUMBER:05438600
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 33 form part of these financial statements.
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TIGER RETAIL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Tiger Retail Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Tottenham Court Road, London, W1T 1BJ.
2.Accounting policies
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 'Statement of Cashflows': Presentation of a statement of cash flow and related notes and disclosures;
Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 'Related Party Disclosures': Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Zebra A/S. These consolidated financial statements are available from its website, www.flyingtiger.com.
Section 7 'Statement of Cashflows': Presentation of a statement of cash flow and related notes and disclosures;
Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues': Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 'Related Party Disclosures': Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Zebra A/S. These consolidated financial statements are available from its website, www.flyingtiger.com.
The following principal accounting policies have been applied:
The management team expect the business, as a minimum, to generate the revenues assumed in the cashflow forecasts and are confident that the business will have sufficient funding to continue operating for the foreseeable future. However, they accept that there are potential scenarios where the company does not achieve the revenues assumed within the base case forecast and which may result in the company having to utilise alternative funding sources.
Notwithstanding, the Directors have concluded this does not constitute a material uncertainty which may cast significant doubt over the ability of the company to continue as a going concern.
Notwithstanding, the Directors have concluded this does not constitute a material uncertainty which may cast significant doubt over the ability of the company to continue as a going concern.
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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:
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.
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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.
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial Liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
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.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgments
The following judgments have had the most significant effect on amounts recognised in the financial statements:
Dilapidation costs
Operating leases often contain clauses which specify that the lessee should make good dilapidations or other damage incurred during the rental period or return the asset to the configuration that existed at the inception of the lease. To the extent that a decision has been made not to renew the lease, these contractual provisions restrict the ability to change future conduct to avoid the expenditure. The contractual obligation therefore creates a present obligation at the reporting date from which the company cannot realistically withdraw. By their nature, such items are difficult to estimate as the final outcome will involve assessment of the extent of dilapidation and invariably discussion with the lessor.
Slow moving stock
The company continually reviews and manages stock lines held and writes off end of line products to the profit and loss account on a monthly basis. Further, based on knowledge and past history, the company makes provision for slow-moving stock.
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Judgments in applying accounting policies (continued)
The company reviews annually the carrying value of fixed assets against the value in use to identify whether an impairment is required.
When the value in use calculations are undertaken for each cash-generating unit, the directors estimate the expected growth rate for the next 4 years, a suitable discount rate, being group WACC, normalised capital expenditure for each CGU and the future tax rate.
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Tangible fixed assets (continued)
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Tangible fixed assets (continued)
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Page 30
TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company operates a defined contributions 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 and amounted to £183,913 (2023: £123,510). Contributions totaling £45,580 (2023: £30,999 ) were payable to the fund at the reporting date and are included in creditors.
As part of the MBO, the Executive Management and the banks have agreed to redesign the capital structure of Zebra A/S through an equity contribution of DKK 1,390m. The maturities of the interest-bearing debt of the Group, including the Danske bank loan within Tiger Retail Limited, has been extended to June 2028.
No other events have occurred after 31 December 2024 that impact the financial position of Tiger Retail Limited.
Page 32
TIGER RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Treville X Partners ApS, a company incorporated in Denmark, is the ultimate parent undertaking of Tiger Retail Limited until 4 June 2025. From the 5 June 2025,
Tiger Retail Limited is consolidated within the financial statements of Zebra A/S which can be obtained from www.flyingtiger.com.
Page 33