ACCOUNTS - Final Accounts

Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:

Registered number: 06659207

FLEET RETAIL GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FLEET RETAIL GROUP LIMITED

COMPANY INFORMATION

Directors	M J Lowry
	M A Stevens BSc FCA (resigned 6 December 2024)
	M Mekseniene (appointed 6 December 2024, resigned 21 March 2025)
	R J Bonnington


Registered number	06659207


Registered office	Fleet House
	Culpeper Close
	Medway City Estate
	Rochester
	Kent
	ME2 4HN


Independent auditors	Barnes Roffe Audit Limited
	Chartered Accountants & Statutory Auditor
	Charles Lake House
	Claire Causeway
	Crossways Business Park
	Dartford
	Kent
	DA2 6QA

FLEET RETAIL GROUP LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 9
Statement of comprehensive income	10
Balance sheet	11
Statement of changes in equity	12
Notes to the financial statements	13 - 23

FLEET RETAIL GROUP LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The directors present their strategic report accompanying the financial statements for the year ended 31 December 2024.

Business review

The results for Fleet Retail Group for the year ended 31 December 2024 are set out in the financial statements on pages 10 to 23. The directors consider that the pre-tax profit for the year of £720,637 was a positive result. Turnover within the group has grown significantly and this has had a positive impact on profitability. Trading has remained strong into 2025.The tight control of overhead costs and the levels of working capital employed have been important factors in the achievement of the results. The group’s French operation has also grown strongly and made a positive contribution to group profitability. This is expected to improve further in the coming year.

Principal risks and uncertainties

The key business risks and uncertainties affecting the company relate to the stability of the UK economy and competition from similar operators in the industry.
The directors monitor and review the key risks of the business.

Credit risk

The exposure to bad debts and credit risk is proactively managed, including monitoring of debts on a daily basis. Credit decisions are taken by the directors who oversee the grant of all credit terms.

Foreign exchange risk

The group makes some sales and purchases in currencies other than sterling. To manage the risk associated with the fluctuation of foreign currency exchange rates, the group enters into forward foreign exchange contracts.

Liquidity risks

The group is financed through the confidential discounting of its trade debts. The maximum facility available to the group is £3.5 million. The amount available at any time is determined by the value of trade debts discounted up to this limit. The directors actively manage the cash flow on a daily basis, including projections of future cash requirements. These forecasts and projections, taking into account likely changes in trading performance, show that the group is able to continue to operate within the level of the facility and in compliance with the covenants to which the facility is subject.

Interest rate risks

The company accepts a certain degree of interest rate risk and other market price risks and continues to monitor these on an ongoing basis.

Financial key performance indicators

The group's key performance indicators remain turnover, gross margin and retained profits which best communicate the financial performance of the group.

Page 1

FLEET RETAIL GROUP LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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

M J Lowry

Director

Date: 24 September 2025

Page 2

FLEET RETAIL GROUP 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.

Directors' responsibilities statement

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 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.

Results and dividends

The profit for the year, after taxation, amounted to £661,061 (2023 - £398,060).

Dividends were voted and paid in the year totalling £282,700 (2023: £512,099).

Directors

The directors who served during the year were:

M J Lowry

M A Stevens BSc FCA (resigned 6 December 2024)

M Mekseniene (appointed 6 December 2024, resigned 21 March 2025)

R J Bonnington

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.

Page 3

FLEET RETAIL GROUP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors

After the year end Barnes Roffe LLP resigned as auditor due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

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

M J Lowry

Director

Date: 24 September 2025

Page 4

FLEET RETAIL GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL GROUP LIMITED

Opinion

We have audited the financial statements of Fleet Retail Group Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, 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).

In our opinion the financial statements:

∙give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit 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.

Page 5

FLEET RETAIL GROUP LIMITED

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

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 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.

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 3, 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 6

FLEET RETAIL GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL GROUP 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows:
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector;
• The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows;
   o Companies Act 2006
   o FRS102
   o Health and Safety legislation
   o Employment legislation
   o Tax legislation
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence;
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit; and
• As auditors of all group companies we were able to cover the above matters at a group and component level and thereby ensure the audit team were aware of the above matters across all group companies.

Page 7

FLEET RETAIL GROUP LIMITED

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

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:
• Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud;
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
• Reviewing the financial statements and testing the disclosures against supporting documentation;
• Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspecting and testing journal entries to identify unusual or unexpected transactions;
• Assessing whether judgement and assumptions made in determining significant accounting estimates, were indicative of management bias; and
• Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business.
The areas that we identified as being susceptible to misstatement through fraud were:
• Management bias in the estimates and judgements made;
• Management override of controls; and
• Posting of unusual journals or transactions.
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.

Page 8

FLEET RETAIL GROUP LIMITED

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

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 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.

Mario Cientanni (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA

Date: 26 September 2025

Page 9

FLEET RETAIL GROUP LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	391,650	392,220
Gross profit		391,650	392,220
Administrative expenses		(138,105)	(140,086)
Operating profit		253,545	252,134
Income from fixed assets investments		457,909	200,000
Interest receivable and similar income	9	14,713	14,676
Interest payable and similar expenses	10	(5,530)	(7,839)
Profit before taxation		720,637	458,971
Tax on profit	11	(59,576)	(60,911)
Profit for the financial year		661,061	398,060

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

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

The notes on pages 13 to 23 form part of these financial statements.

Page 10

FLEET RETAIL GROUP LIMITED

REGISTERED NUMBER: 06659207

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	13		710,817		710,817
			710,817		710,817
Current assets
Debtors: amounts falling due within one year	14	598,792		658,212
Cash at bank and in hand	15	62,933		48,700
		661,725		706,912
Creditors: amounts falling due within one year	16	(483,832)		(929,739)
Net current assets/(liabilities)			177,893		(222,827)
Total assets less current liabilities			888,710		487,990
Creditors: amounts falling due after more than one year	17		(9,703)		(48,561)
Provisions for liabilities
Net assets			879,007		439,429

Capital and reserves
Called up share capital	19	65	61
Share premium account		472,853	442,140
Profit and loss account		406,089	(2,772)
		879,007	439,429

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

M J Lowry

Director

Date: 24 September 2025

The notes on pages 13 to 23 form part of these financial statements.

Page 11

FLEET RETAIL GROUP LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	61	442,140	(2,772)	439,429

Profit for the year	-	-	661,061	661,061
Dividends: Equity capital	-	-	(252,200)	(252,200)
Shares issued during the year	4	30,713	-	30,717
At 31 December 2024	65	472,853	406,089	879,007

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	61	442,140	111,267	553,468

Profit for the year	-	-	398,060	398,060
Dividends: Equity capital	-	-	(512,099)	(512,099)
At 31 December 2023	61	442,140	(2,772)	439,429

The notes on pages 13 to 23 form part of these financial statements.

Page 12

FLEET RETAIL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The company, incorporated in England and Wales, has its registered office at Fleet House, Sunderland Quay, Culpeper Close, Medway City Estate, Rochaster, Kent ME2 4HN.
The principal activity of the company is that of a holding company.

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 exemptions in preparing these financial statements, as permitted by the 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 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Lowry Holdco Ltd as at 31 December 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ..

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.

Page 13

FLEET RETAIL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Revenue

Revenue 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. Revenue 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

Revenue 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.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

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.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

Taxation

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 balance sheet date in the countries where the company operates and generates income.

2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 14

FLEET RETAIL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

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.

2.11

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.

2.12

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.

2.13

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 Balance sheet when the company becomes party to the contractual provisions of the instrument.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

There were no significant judgments or assumptions exercised by management in the preparation of the financial statements.

Page 15

FLEET RETAIL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Turnover

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	300,000	300,000
Rest of Europe	91,650	92,220
	391,650	392,220

Fees payable to the company's auditors for the audit of the company's financial statements

4,350

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.

Wages and salaries	108,131	122,800
Social security costs	10,699	11,500
	118,830	134,300

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

	2024	2023
	No.	No.

Directors	3	3

Page 16

FLEET RETAIL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Directors' remuneration
		2024	2023
		£	£

Directors' emoluments	108,131	122,800
	108,131	122,800

8.	Income from investments
		2024	2023
		£	£

Dividends received from unlisted investments	(457,909)	(200,000)
	(457,909)	(200,000)

9.	Interest receivable
		2024	2023
		£	£

	Other interest receivable	14,713	14,676
		14,713	14,676

10.	Interest payable and similar expenses
		2024	2023
		£	£

	Bank interest payable	5,530	7,839
		5,530	7,839

Page 17

FLEET RETAIL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	59,576	60,911
	59,576	60,911

Total current tax	59,576	60,911

Profit on ordinary activities before tax

720,637

458,971

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)	174,469	107,952
Effects of:
Non-tax deductible amortisation of goodwill and impairment	8,053	-
Dividends from UK companies	(114,477)	(47,041)
Tax deduction arising from exercise of employee options	(8,469)	-
Total tax charge for the year	59,576	60,911

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

FLEET RETAIL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Dividends
		2024	2023
		£	£

	Dividends	252,200	512,099
		252,200	512,099

Page 19

FLEET RETAIL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Fixed asset investments

Subsidiary undertakings
The following were subsidiary undertakings of the company:
Name	Registered office	Principal activity	Class of shares	Holding

Fleet Retail Packaging Limited	(A)	Manufacture of other paper and paperboard containers	Ord	100%
Thomas Norman (UK) Limited	(A)	Dormant	Ord	100%
Fleet Luxury Packaging SARL	(B)	Wholesale commerce	Ord	100%
Fleet Luxury Packaging Limited	(A)	Dormant	Ord	100%

(A) - Fleet House, Culpeper Close, Medway City Estate, Rochester, ME2 4HN
(B) - 14 Avenue de l'Europe, 77144 Montévrain

14.

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	566,250	459,221
Other debtors	32,542	198,991
	598,792	658,212

15.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	62,933	48,700
	62,933	48,700

Page 20

FLEET RETAIL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	38,858	38,856
Amounts owed to group undertakings	377,783	801,178
Corporation tax	59,557	60,911
Other taxation and social security	1,634	3,334
Accruals and deferred income	6,000	25,460
	483,832	929,739

17.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	9,703	48,561
	9,703	48,561

Page 21

FLEET RETAIL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Amounts falling due within one year
Bank loans	38,858	38,856
	38,858	38,856
Amounts falling due 1-2 years
Bank loans	9,703	38,857
	9,703	38,857
Amounts falling due 2-5 years
Bank loans	-	9,704
	-	9,704

	48,561	87,417

19.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

57 (2023 - 53) Ordinary shares of £1.00 each	57	53
4 (2023 - 4) Ordinary "A" shares of £1.00 each	4	4
4 (2023 - 4) Ordinary "B" shares of £1.00 each	4	4

	65	61

During the year the company issued 4 Ordinary shares of £1.00 each.

20.	Related party transactions
	Included within debtors due within one year is an amount owed by the directors amounting to £30,886 (2023: £198,462). The maximum balance outstanding during the year was £30,886 (2023: £198,463). This amount has been repaid subsequent to the year end.

Page 22

FLEET RETAIL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

21.	Controlling party

The company is controlled by Mr M Lowry at 31 December 2024. From 30 January 2024, the parent company became Lowry Holdco Ltd, a company incorporated in England and Wales. Mr M Lowry retains control.

Page 23