REGISTERED NUMBER: 05517573 (England and Wales)

KAVANAGH RETAILING (UK) LIMITED

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Noel Kavanagh Jnr

Noel Kavanagh Snr

David Laight

Hugh James O'Brien

REGISTERED OFFICE:

Noel Kavanagh Jnr, Budgens Hinchley Wood

10-12 Manor Road North,

Hinchley Wood

Esher

Surrey

KT10 0SH

REGISTERED NUMBER:

05517573 (England and Wales)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

BANKERS:

Natwest

City of London Office

PO Box 12258

1 Princes Street

London

United Kingdom

EC2R 8BP

SOLICITORS:

Mundays LLP

400 Dashwood Land Road

Weybridge

Addlestone

KT15 5HT

United Kingdom

NON-CURRENT ASSETS

Intangible assets

5

281,286

416,208

Tangible assets

6

171,396

171,784

Investments

7

2,104,162

2,120,400

Investment property

8

710,393

700,000

3,267,237

3,408,392

CURRENT ASSETS

Stocks

193,690

203,442

Receivables: amounts falling due within one year

9

4,037,538

4,408,659

Cash at bank and in hand

931,996

639,016

5,163,224

5,251,117

PAYABLES

Amounts falling due within one year

10

(2,296,075

)

(248,674

)

NET CURRENT ASSETS

2,867,149

5,002,443

TOTAL ASSETS LESS CURRENT LIABILITIES

6,134,386

8,410,835

PAYABLES

Amounts falling due after more than one year

11

-

(2,006,793

)

PROVISIONS FOR LIABILITIES

(251,937

)

(410,667

)

NET ASSETS

5,882,449

5,993,375

CAPITAL AND RESERVES

Called up share capital

63

63

Capital redemption reserve

37

37

Retained earnings

5,882,349

5,993,275

5,882,449

5,993,375

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

Noel Kavanagh Jnr - Director

1.	STATUTORY INFORMATION

Kavanagh Retailing (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Revenue

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

Goodwill

Goodwill 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 to the Statement of Comprehensive Income over its useful economic life of 5 to 15 years.

Intangible assets

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

Property, plant and equipment

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated

impairment losses. Cost includes the original purchase price and costs directly attributable to

bringing the asset to the location and condition necessary for its intended use.

(i) Fixtures, fittings and equipment

Fixtures, fittings and equipment are carried at cost less accumulated depreciation and

accumulated impairment losses.

(ii) Depreciation and residual values

Depreciation on assets is calculated, using the straight-line method over their estimated useful

lives, at the following annual rates:

Equipment 15% straight line

Fixtures & Fittings 15% straight line

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end

of each financial year. The effect of any change is accounted for prospectively.

(iii) Subsequent additions and major components

Subsequent costs, including major inspections, are included in the asset's carrying amount or

recognised as a separate asset, as appropriate, only when it is probable that economic benefits

associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as

separate assets where they have significantly different patterns of consumption of economic

benefits and are depreciated separately over their useful lives.

Repairs, maintenance and minor inspection costs are expensed as incurred.

(iv) Derecognition

Tangible fixed assets are derecognised on disposal or when no future economic benefits are

expected. On disposal, the difference between the net disposal proceeds and the carrying amount

is recognised in profit or loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Inventories

Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Taxation

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

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

Deferred tax

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

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

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

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial

instruments.

(i) Financial assets

Basic financial assets, include trade and other receivables, cash and bank balances and

investments in commercial paper, are initially recognised at transaction price.

Other financial assets, including investments in equity instruments which are not subsidiaries,

associates or joint ventures, are initially measured at fair value, which is normally the transaction

price. Such assets are subsequently carried at fair value and the changes in fair value are

recognised in the Statement of Comprehensive Income, except that investments in equity

instruments that are not publicly traded and whose fair values cannot be measured reliably are

measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset

expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset

are transferred to another party or (c) despite having retained some significant risks and rewards

of ownership, control of the asset has been transferred to another party who has the practical

ability to unilaterally sell the asset to an unrelated third party without imposing additional

restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow

group companies are classified as debt, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the

present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate

method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to

the extent that it is probable that some or all of the facility will be drawn down. In this case, the

fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable

that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for

liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. Accounts payable are classified as current liabilities if payment

is due within one year or less. If not, they are presented as non-current liabilities. Trade payables

are recognised initially at transaction price and subsequently measured at amortised cost using the

effective interest method.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at call with banks. Cash and

cash equivalents are initially measured at transaction price and subsequently measured at

amortised cost.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new

ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 32 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

1,054,244

AMORTISATION

At 1 January 2024

638,036

Amortisation for year

134,922

At 31 December 2024

772,958

NET BOOK VALUE

At 31 December 2024

281,286

At 31 December 2023

416,208

6.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

2,232,569

103,137

2,335,706

Additions

40,701

-

40,701

Disposals

-

(5,828

)

(5,828

)

At 31 December 2024

2,273,270

97,309

2,370,579

DEPRECIATION

At 1 January 2024

2,143,479

20,443

2,163,922

Charge for year

40,857

232

41,089

Eliminated on disposal

-

(5,828

)

(5,828

)

At 31 December 2024

2,184,336

14,847

2,199,183

NET BOOK VALUE

At 31 December 2024

88,934

82,462

171,396

At 31 December 2023

89,090

82,694

171,784

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

2,120,400

Disposals

(16,238

)

At 31 December 2024

2,104,162

NET BOOK VALUE

At 31 December 2024

2,104,162

At 31 December 2023

2,120,400

8.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

700,000

Additions

10,393

At 31 December 2024

710,393

NET BOOK VALUE

At 31 December 2024

710,393

At 31 December 2023

700,000

9.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

43,456

14,357

Amounts owed by group undertakings

3,957,048

3,863,295

Other debtors

37,034

531,007

4,037,538

4,408,659

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

10.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade payables

159,394

154,144

Amounts owed to group undertakings

2,028,875

-

Taxation and social security

46,353

9,411

Other payables

61,453

85,119

2,296,075

248,674

11.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

2024

2023

£

£

Other creditors

-

2,006,793

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Ryan Falls (F.C.A) (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited

13.	CONTROLLING PARTY

The parent Company and controlling party of Kavanagh Retailing (UK) Limited is M.N.K. Enterprises Limited, which is the parent Company of the smallest and largest group to consolidate these financial statements. Copies of M.N.K. Enterprises Limited consolidated financial statements can be obtained from Company secretary of M.N.K. Enterprises Limited at Shop Street, Westport, Co. Mayo, Ireland. As the Company and its subsidiary entities are included in consolidated financial statements of M.N.K. Enterprises Limited, the Company is exempt from the requirement to prepare group financial statements.