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Registered number: 00134995 Moss Bros Group Limited Annual report and financial statements For the period ended 25 January 2025
Moss Bros Group Limited Company Information
Directors | David William Adams
| Brian Denis Brick
| Warren Edmond Flick jr
| Jeffery Owen Spiegel
| Sheila Marie Geraghty
| Menoshi Shina
Company secretary | David William Adams
Registered number | 00134995
Registered office | 128 Albert Street
| London
| NW1 7NE
Independent auditors | Kreston Reeves Audit LLP
| Chartered Accountants & Statutory Auditor
| 2nd Floor
| 168 Shoreditch High Street
| London
| E1 6RA
Moss Bros Group Limited Contents
| Page
Strategic report | 1 - 6
Directors' report | 7 - 9
Independent auditors' report | 10 - 13
Statement of comprehensive income | 14
Balance sheet | 15
Statement of changes in equity | 16
Notes to the financial statements | 17 - 37
Moss Bros Group Limited Strategic report For the period ended 25 January 2025
Introduction
The directors present their strategic report together with the audited financial statements for the 52 week period ended 25 January 2025. Principal activities Established in 1851, Moss Bros Group Ltd (“the Group”) designs and retails a range of high quality men’s formal wear along with a complementary smart casual range. It also offers a hire service and a custom made service. The business operates predominantly in the UK and Eire, through its national chain of 113 retail stores, but also sells online on both its own website and other digital marketplaces.
Business review and Key Performance Indicators
Total sales for the 52 week financial period ending 25 January 2025 increased by £8.4m or 6.1% to £145.9m. The business traded strongly and remained focused on the high levels of service offered in our stores. The online business continues to benefit from continued expansion of both the suiting and casual wear ranges. The rebranding of the business to MOSS continued with 34 stores (or 30%) in the estate carrying the new brand to better reflect our future brand focus as well as our heritage. EBITDA (Earnings before interest, tax, depreciation and amortization including impairment of intangible and tangible assets) for the year is £30.5m representing an increase of 21.6% over the prior year and an EBITDA margin of 20.9%. The Group continues to be highly cash generative and has no debt. The Company monitors a range of key performance indicators (KPIs) on a regular basis to manage the business, enable timely decision making and to react quickly to a rapidly changing environment. Particular attention is paid to weekly KPIs and trading information with variances to budget and forecasts for individual product ranges and sales channels being reviewed. The primary KPIs reviewed regularly are turnover, gross margin and EBITDA. A high focus and attention has been given to improve the expansion and enhancement of our store estate whereby we have relocated in 1 store in Bluewater, and refurbished 8 stores in Horsham, Reading, Salisbury, Metro Centre, Uxbridge, Rushden Lakes, Winchester and Cambridge as well as opening 6 new stores in Edinburgh, Clarks Village, Gloucester Quays, Fosse Park, Caledonia Park and Victoria London . We have continued to invest in both our online site and trading methods whilst continuing to focus on cost controls across all areas of the business. The continuous improvement and broadening of our product range ensures it stays relevant to our core customers as well as attracting new ones. Current trading and outlook Whilst uncertainty remains around the external environment, the business continues to trade strongly and the Directors expect the strong trading performance to continue into the year ending 31 January 2026. We are committed to our strategy of “styling individuals for the moments that matter to them”. As well as providing unrivalled in store service levels in our sector, the Group has diversified its product ranges by stretching into smart casual wear which complements the other formal products and is focused on providing value to our customers by selling exceptional quality at affordable price points. We have continued to control stock levels tightly and trade with minimal promotional discounting to drive sales at full price. Page 1
Moss Bros Group Limited Strategic report (continued) For the period ended 25 January 2025
Going concern
The Company’s business activities, factors likely to affect its future development, performance and position are set out in the principal activities and business review on page 1. The main financial risks arising from the activities of the Company are set out in this report below, together with the policies and processes to manage these risks. The Directors have reviewed the Company’s forecasts. As described in the current trading and outlook section above, the outlook for the company is expected to be positive for the following year. These forecasts show that the company should be able to operate within its existing working capital facilities. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Directors therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements for the Company.
Principal risks and uncertainties
Moss Bros is an established brand which has successfully re-branded to MOSS, maintaining a loyal customer following. However, we acknowledge, measure and mitigate the following risks: Economy - impact on retail Almost all of the Group’s revenue is generated in the UK. A deterioration in the strength of the UK economy would be likely to reduce consumer demand for discretionary items. This could materially and adversely affect the financial position of the Group. The Group is currently funded from its own cash reserves and any prolonged downturn may impact these. We continually focus on maintaining our product quality, customer service and supplier relationships, which will help us retain our competitive position and retain customers. The business has the flexibility to adjust its capital expenditure plans, restrict dividends and review operational expenditure to reduce or defer unnecessary expenditure. These measures will conserve cash and maintain the strength of our balance sheet. Property leases have short remaining lives allowing flexibility to reduce fixed overhead costs should the need arise. The Group is debt free and highly cash generative. Supply chain Any disruption to supplier continuity or interruptions to the supply chain may have a significant impact on our ability to meet demand in store and online. As we increase the volume of garments sourced directly from supplier factories we must ensure that the supply chain critical path is closely monitored and proactively managed. The diversification of product buying across a range of suppliers limits the Group’s over reliance upon any individual supplier. We have implemented controls which enable us to identify early any potential deviations from product and supply chain critical paths. In addition, we continuously review the supply base to mitigate potential single source supply issues through a dual sourcing strategy. Foreign currency exposure, principally the US Dollar, is mitigated through the use of forward contracts, typically for expected currency requirements 6 to 9 months in advance. Page 2
Moss Bros Group Limited Strategic report (continued) For the period ended 25 January 2025 B rand image Maintaining our store presentation is important for attracting customers and growing our brand and we continually seek to improve the look and feel of our in store environment and online offering to deliver an improved customer experience.
S172 Statement
How the Board of Directors has promoted the success of the Group for the benefit of its members as a whole; whilst having regard to the matters set out in Section 172 of the Companies Act 2006 The Board is mindful of all stakeholders when making decisions of strategic performance. Stakeholder engagement is central to the formulation and execution of the strategy and critical in achieving long term success. The needs of our stakeholders as well as the consequences of any decision on the long term are well considered by the Board. A description of the key stakeholders, their engagement and how this influences our decision making is set out below.
Stakeholder engagement
CUSTOMERS Our customers are at the heart of everything we do. We seek to understand more about them to ensure our products and services meet their expectations and we deliver a seamless shopping experience whichever channel they choose to shop with us, whether online, in store or via our contact centre. We constantly review whether we are achieving our customer centric aims and ambitions by measuring customer growth and getting feedback via surveys, ratings, and occasional focus groups as well as through our various contact channels. We have regular meetings to review any issues impacting the customer experience and put actions in place to resolve them as quickly as possible. The customer continues to be our focus at all levels in the organization and we have many initiatives on the horizon to adapt to changing requirements, shopping preferences and lifestyle. SHAREHOLDERS The Directors engage with their principal shareholders on a regular basis involving them in all significant decisions and providing regular updates on performance. EMPLOYEES We remain committed to employment policies that do not discriminate between employees or potential employees on the grounds of gender, colour, race, nationality, ethnic origin, national origin, religion, religious beliefs, sexual orientation, disability or age. In line with the change in legislation, we continue to focus on ensuring opportunities are open and fair. MOSS engages with their employees through an internal digital network, head office & retail communications and online training modules. Page 3
Moss Bros Group Limited Strategic report (continued) For the period ended 25 January 2025 GOVERNMENT/REGULATORS We are committed to doing business responsibly and regularly have meetings/briefings, consultations, dialogue with trade bodies and specialist advisors to help proactively monitor new regulations and compliance requirements. COMMUNITY We operate across the UK and so have a presence in many different communities. We do not have a specific social policy, but MOSS actively looks for and has taken part in a number of initiatives, at both a national and a local level. Taking part in such initiatives can help promote our brand and mitigates our brand risk as shown on page 3. We have been involved with promotion of charitable initiatives, and we have also supported Prostate Cancer UK in raising awareness and funds. We provide our excess products free of charge to a charity that offers smart formal wear to homeless men seeking employment. MOSS also engages by having work/school placements. ENVIRONMENT While we do not operate in a sector traditionally associated with high pollution, we recognise that our products, logistics operations, and retail stores do have an environmental impact. Although we do not currently have a formal environmental policy, we are committed to minimising our environmental footprint and fully comply with all applicable environmental laws and regulations. We are actively working to reduce carbon emissions and improve operational efficiency through waste reduction and delivery consolidation. All our plastic packaging contains a minimum of 30% recycled content, in compliance with government requirements. Where commercially viable, surplus, or end-of-life IT equipment is responsibly disposed of through accredited recycling providers to reduce landfill waste. We also regularly review our packaging to reduce the volume of materials used across all categories. We are committed to continuously reducing our impact and moving toward more sustainable manufacturing practices. This includes increasing the use of recycled and biodegradable polyester, as well as expanding our use of sustainably sourced cotton. We continue to use natural fibres such as wool, viscose, and linen, and we carefully select trims with a lower environmental impact, ensuring they are manufactured sustainably without compromising quality. MOSS actively monitors its carbon emissions and collaborates with suppliers to enhance product sustainability. We are also proud of our charitable partnerships and conduct sample sales to minimise waste and support community initiatives. Page 4
Moss Bros Group Limited Strategic report (continued) For the period ended 25 January 2025 Page 5
Moss Bros Group Limited Strategic report (continued) For the period ended 25 January 2025 SUPPLIERS It is our policy to maintain the highest standards of ethics, honesty and integrity. To ensure this, we have a zero tolerance approach to bribery and corruption and policies are in place that define the expected standards of our employees and suppliers. We provide guidance to our employees around the giving and receiving of gifts, hospitality and entertainment. Anyone who suspects, is offered or asked to make a bribe is required to report such an incident or concern to the Company Secretary. There have been no incidents of bribery or corruption identified or notified to the Board in the year. The significant gift register is reviewed by the Board of Directors annually. The Company aims to conduct all its business relationships with integrity and courtesy, and to honour all business agreements. We work closely with producers and our supply chain and have taken measures to prevent modern slavery. This report was approved by the board and signed on its behalf.
David William Adams Director
Date: 9 October 2025
Page 6
Moss Bros Group Limited Directors' report For the period ended 25 January 2025 The directors present their report and the financial statements for the period ended 25 January 2025.
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 judgements 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.
Results and dividends
The profit for the period, after taxation, amounted to £20.6m (2024 - £13.6m). Dividends totalling £15.0m were paid by the Company to the Parent company (2024: £10.3m).
Directors
The directors who served during the period were:
David William Adams
Brian Denis Brick
Warren Edmond Flick jr
Jeffery Owen Spiegel
Sheila Marie Geraghty
Menoshi Shina
Page 7
Moss Bros Group Limited Directors' report (continued) For the period ended 25 January 2025
Stakeholder engagement statement
The way in which the Board engages with its Stakeholders is set out in the s172 Statement on pages 3 - 6 of the Strategic Report. Corporate social responsibility The MOSS family includes people in our shops, our head office, and extends to our customers, our suppliers, our charities and our local communities. Employee engagement and development We pride ourselves at MOSS with a culture of having a transparent and open dialogue with our colleagues, and over the past few years having been building up a rhythm of engagement activities which have helped to influence and shape some of our most strategic decisions as a company. We use listening groups, anonymous feedback platforms, as well as employee surveys as tools to engage with colleagues. This includes participation of the Chief Executive Officer as well as other directors. We remain committed to the personal development of our colleagues, and continually look at new and innovative ways to ensure personal development of everyone who works for us. We have continued to conduct and publish our Gender pay analysis and have carried out an equal pay review to ensure equity or pay across similar roles. Diversity and inclusion Whilst Corporate Social Responsibility, sustainability, diversity and equal opportunities have always been a part of the MOSS culture, we are now increasing our focus on ensuring diversity and inclusion as a natural part of the working experience at MOSS. While we already have robust supporting policies in place, we are focusing on all the different aspects of where we can improve and how we can embed meaningful and lasting diversity and inclusion values in our day to day working experience. It is not our intention to make bold, unrealistic statements, but rather to drive a steady grassroots awareness and improvement across the business.
Employees with disabilities
Applications for employment by persons with disabilities are always fully and fairly considered, focusing on the aptitudes and abilities of the applicant concerned. In the event of an employee becoming disabled during their employment, every effort is made to ensure that their employment with the Company continues and that where appropriate, reasonable adjustments are made and relevant training and education of the wider team is arranged to adjust to continued employment. It is the policy of the Company that the training, career development and promotion or persons with disabilities should, as far as possible, be identical with that of other employees. Page 8
Moss Bros Group Limited Directors' report (continued) For the period ended 25 January 2025
Suppliers
All product suppliers who join the MOSS family must follow our Ethical Code of Conduct before we do business with them. Our code covers all aspects or Health and Safety and Labour and Wages which is based on a code covering: • General principles • Non discrimination • Forced labour • Child labour • Wages and hours • Working conditions • Environment • Freedom or association In line with UK legislation, we publish our annual Modern Slavery Statement which explains the steps we have taken so far to address this issue across our business. Our ongoing training programs continue with our key factories, to train our supplier compliance teams how to ethically audit their own supply base which has helped to increase visibility of our end to end supply chain further down the tiers.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The audit registration of Kreston Reeves LLP was transferred to Keston Reeves Audit LLP on 6 October 2025. Kreston Reeves Audit LLP were formally appointed as auditor to the company on 6 October 2025. The auditors Kreston Reeves Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
David William Adams Director
Date: 9 October 2025
Page 9
Moss Bros Group Limited Independent auditors' report to the members of Moss Bros Group Limited
Opinion
We have audited the financial statements of Moss Bros Group Limited (the 'Company') for the period ended 25 January 2025, 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 25 January 2025 and of its profit for the period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual 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. Page 10
Moss Bros Group Limited Independent auditors' report to the members of Moss Bros Group Limited (continued)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic report and the Directors' report for the financial period 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 7, 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 11
Moss Bros Group Limited Independent auditors' report to the members of Moss Bros 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: Capability of the audit in detecting irregularities, including fraud Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Statement of Recommended Practice, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included: ∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and ∙Assessment of identified fraud risk factors; and ∙Challenging assumptions and judgements made by management in its significant accounting estimates; and ∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and ∙Reading minutes of meetings of those charged with governance; and ∙Identifying and testing journal entries, in particular any entries made at the year end for financial statement preparation 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. Page 12
Moss Bros Group Limited Independent auditors' report to the members of Moss Bros Group Limited (continued) ∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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. Tracey Becker (Senior statutory auditor) for and on behalf of Kreston Reeves Audit LLP Chartered Accountants Statutory Auditor London 10 October 2025 Page 13
Moss Bros Group Limited Statement of comprehensive income For the period ended 25 January 2025
| 25 January | 27 January
| 2025 | 2024
Note | £000 | £000
Turnover | 4 | 145,861 | 137,508
Cost of sales |  | (46,396) | (47,040)
Gross profit |  | 99,465 | 90,468
Shop's selling, marketing and distribution costs |  | (63,466) | (62,057)
Administrative expenses |  | (9,744) | (12,340)
Other operating income | 5 | 391 | -
Operating profit | 6 | 26,646 | 16,071
Interest receivable and similar income | 10 | 1,186 | 624
Interest payable and similar expenses | 11 | (1) | (14)
Profit before tax |  | 27,831 | 16,681
Tax on profit | 12 | (7,200) | (3,050)
Profit for the financial period |  | 20,631 | 13,631
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 17 to 37 form part of these financial statements.
Page 14
Moss Bros Group Limited Registered number: 00134995 Balance sheet As at 25 January 2025
|  | 25 January |  | 27 January
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Intangible assets | 14 |  | 1,963 |  | 23
Tangible assets | 15 |  | 9,576 |  | 6,118
|  |  | 11,539 |  | 6,141
Current assets |  |  |  |  |
Stocks | 16 | 18,820 |  | 14,503 |
Debtors: amounts falling due within one year | 17 | 30,513 |  | 31,579 |
Cash at bank and in hand | 18 | 32,156 |  | 26,236 |
|  | 81,489 |  | 72,318 |
Creditors: amounts falling due within one year | 19 | (36,775) |  | (31,841) |
Net current assets |  |  | 44,714 |  | 40,477
Total assets less current liabilities |  |  | 56,253 |  | 46,618
Creditors: amounts falling due after more than one year | 20 |  | (3,921) |  | -
Provisions for liabilities |  |  |  |  |
Other provisions | 23 | (4,732) |  | (4,649) |
|  |  | (4,732) |  | (4,649)
Net assets |  |  | 47,600 |  | 41,969
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 5,119 |  | 5,119
Share premium account | 25 |  | 8,674 |  | 8,674
Merger reserve | 25 |  | 4,370 |  | 4,370
Profit and loss account | 25 |  | 29,437 |  | 23,806
|  |  | 47,600 |  | 41,969
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
David William Adams
Director
Date: 9 October 2025
The notes on pages 17 to 37 form part of these financial statements. Page 15
Moss Bros Group Limited Statement of changes in equity For the period ended 25 January 2025
| Called up share capital | Share premium account | Acquisition reserve | Profit and loss account | Total equity
| £000 | £000 | £000 | £000 | £000
At 28 January 2023 | 5,119 | 8,674 | 4,370 | 20,425 | 38,588
Profit for the period | - | - | - | 13,631 | 13,631
Dividends: Equity capital | - | - | - | (10,250) | (10,250)
At 27 January 2024 | 5,119 | 8,674 | 4,370 | 23,806 | 41,969
Profit for the period | - | - | - | 20,631 | 20,631
Dividends: Equity capital | - | - | - | (15,000) | (15,000)
At 25 January 2025 | 5,119 | 8,674 | 4,370 | 29,437 | 47,600
| The notes on pages 17 to 37 form part of these financial statements.
Page 16
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025
1. | General information
Moss Bros Group Limited is a private company limited by shares and is incorporated in England and Wales with the company number 00134995. The address of the registered office and principal place of business is 128 Albert Street, London, England, NW1 7NE. The principal activity of the company consists of the retail, hire, subscription service and the offer of custom made formal wear for men along with a complementary smart casual range, predominately in the UK. These financial statements are for the 52 week period ended 25 January 2025. The comparative financial statements were prepared for the 52 week period ended 27 January 2024. 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 judgement in applying the Company's accounting policies (see note 3). 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. The financial statements are rounded to the nearest round thousand. 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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Moss Bros Group Holdings Limited as at 25 January 2025 and these financial statements may be obtained from 128 Albert Street, London, England, NW1 7NE. Page 17
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Directors have reviewed management forecasts, sensitivities and mitigating actions available to management which take into account possible changes in trading. These forecasts show that the Company should be able to operate within the existing working capital facilities. The liquidity requirements of the Company have been assessed by the directors and believe them to be adequate for a period of at least 12 months from the date of signing these financial statements and therefore have adopted the going concern basis in preparation of the financial statements.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Foreign exchange gains and losses that relate to cash and cash equivalents are presented in the Statement of comprehensive income within 'interest receivable and similar income' and 'interest payable and similar expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 18
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025 2.Accounting policies (continued)
| 2.5 | 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. Revenue comprises sales to third parties (excluding VAT) and is derived from the retail sale and hire of clothing and ancillary goods. For store retail purchases, revenue is recognised on exchange of goods. For the hire of clothing, the performance obligations are met when the hire clothing and ancillary goods are collected for use by the customer. For Tailor Me, the exchange of goods occurs upon collection. Deposits and advances taken in relation to Hire and Tailor Me create contract liabilities until the performance obligations are satisfied at the collection date. E-commence revenue is recognised at despatch date as this is the point where the performance obligations are met. Upon despatch the courier company becomes responsible for successful delivery. The Company offers a full refund on retail sales within 28 days. For online returns the company must be informed of intention to return goods within 14 days of the receipt. The estimated value of consideration relating to refunds is excluded from retail revenue. Management estimates the refund liability by considering the products expected to be returned. The liability creates a refund asset and a refund liability, and the cost of the estimated refunds is reflected in cost of sales.
| 2.6 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 19
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025 2.Accounting policies (continued)
| 2.9 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | See below
|  |  |  | Hire inventory | - | 2 - 7 years
|  |  |  | Fixtures, vehicles and equipment | - | 2 - 7 years
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. Leasehold improvements are written off over the shorter of the period of the lease or the useful economic life of the assets on a straight-line basis. Location premiums are paid to enter a property which is in a desirable location, stated at cost, net of depreciation and any provision of impairment. Page 20
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
Depreciation is calculated on location premiums over the useful economic life on a straight-line basis. Where assets of a store are required to be impaired leasehold improvements are treated as part of the cash-generating unit for impairment. Hire inventory is held as a fixed asset and depreciated over its estimated useful life. The classification differs from other stock held as the assets are retained by the Company and hired to customers on a short-term basis.
| 2.12 | Intangible assets
Computer software and the directly related development costs that are not an integral part of the related hardware are classified as an intangible asset and stated at cost less accumulated amortisation. Capitalised software costs include external direct costs of goods and services, as well as internal payroll-related costs for employees who are directly associated with capital projects. For both internally generated and other intangibles, amortisation is charged on a straight-line basis over three to five years. In accordance with FRS 102, internal development costs are only recognised when the Group is able to demonstrate all of the following: ∙the technical feasibility of completing the intangible asset so that it will be available for use or sale. ∙its intention to complete the intangible asset and use or sell it. ∙its ability to use or sell the intangible asset. ∙how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of the intangible asset. ∙the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset. ∙the ability to measure reliably the expenditure to the intangible asset during its development. The inhouse software developed by the Group is used internally to improve operating procedures, creating probable future economic benefits for the Group. The development software includes costs to relating to the enhancement of the Group's e-commerce capabilities.
| 2.13 | Impairment of fixed assets
At each reporting date, the Company reviews its carrying value of its property, plant and equipment, leasehold improvements and intangible assets to determine whether there is any indication that these assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. For property, plant and equipment, the Company considers all the assets of a particular store to be one cash generating unit for the purposes of impairment review. Recoverable amount is the higher of fair value less costs to sell and the value in use. In assessing value in use of a store cash generating unit, the estimated cash flows are discounted to their present value. If the recoverable amount of a cash generating unit is estimated to be less than its carrying amount, the carrying amount of the cash generating unit is reduced to the recoverable amount. An impairment loss is recognised as an expense immediately. Page 21
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025 2.Accounting policies (continued)
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.15 | Stocks
Stock includes all costs of purchases and costs incurred in bringing inventories to their present location and condition. Costs of purchase comprise the purchase price, other taxes and transport costs. These costs are recognised as cost of sales upon the sale of stock. Stock write downs are included in the cost of sales when incurred. Retail inventory is valued at the lower of cost (weighted average by season) and estimated net realisable value (estimated selling price less costs to be incurred in selling and distribution). Cost includes all direct expenditure and other attributable costs incurred in bringing stock to their present location and condition. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.16 | 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.
| 2.17 | 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.
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 22
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025 2.Accounting policies (continued)
| 2.19 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. Provisions for onerous property lease contracts are recognised when the Company believes that the unavoidable costs of meeting the lease obligations exceed the economic benefits to be received under the lease. Provisions for dilapidations for store operating leases are recognised when the Company believes that the likelihood of incurring costs to rectify the store is probable, due to a contractual obligation when vacating premises at lease expiry, and a reliable estimate can be made for the obligation. Estimates are derived through negotiations, reliable third-party opinion or comparable historical information. When payments are eventually made, they are charged to the provision carried in the Balance sheet. Increases in provisions are charged as an expense to profit or loss.
| 2.20 | Financial instruments
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price including transaction costs 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 Financial assets are assessed for indicators of impairment at each reporting date. 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. Page 23
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
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. Basic financial liabilities Financial liabilities are classified according to the substance of the contractual arrangements entered into. Basic financial liabilities, which include trade and other creditors, 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 payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.21 | Dividends
Equity dividends are recognised when they become legally payable.
| 2.22 | Research and development
The other operating income relates to R&D expenditure credits that the company claims, which will be offset against future corporation tax liabilities. Page 24
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires the Directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the period. The nature of estimation is such though that actual outcomes could differ significantly from those estimates. In preparing these financial statements, the Directors have made the following judgements: Tangible fixed assets The Company has recognised tangible fixed assets with a carrying value of £9,576,000 (2024: £6,118,000) at the reporting date (see note 15). These assets are stated at their cost less provision for depreciation and impairment. The Company's accounting policy sets out the approach to calculating depreciation for assets and for subsequent additions. The Company determines at acquisition reliable estimates for the useful life of the asset and its residual value. These estimates are based upon such factors as the expected use of the acquired assets and market conditions. At subsequent reporting dates the Directors consider whether there are any factors such as technological advances or changes in market conditions that indicate a need to reconsider the estimates used. Where there are indicators that the carrying value of tangible assets may be impaired the Company undertakes tests to determine the recoverable value of assets. Recoverable value assessments include consideration of issues such as future market conditions, the remaining life of the asset and disposal values. Useful economic lives of tangible/intangible assets The annual depreciation/amortisation charge for tangible/intangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the condition of the assets. See notes 14 and 15 for the carrying amount of the tangible and intangible fixed assets. Lease commitments The Company has entered into a range of lease commitments in respect of property, plant and equipment. The classification of these leases as either financial or operating leases requires Directors to consider whether the terms and conditions of each leases are such that the Company has acquired the risks and rewards associated with the ownership of the underlying assets. The following are the Company's key sources of estimation uncertainty: Store impairment At the end of each reporting period an impairment review is carried out to identify any indicators of impairment for each cash generating unit ("CGU"). Where indicators of impairment are present, the recoverable amount is calculated and an impairment loss recognised to reduce the carrying value of the asset to its recoverable amount. The Company has identified each store to be a separate CGU. The total number of stores at 25 January 2025 was 113 (2024: 108). At CGU level, the assets that are identified for determining the CGU's carrying amount comprises all classes of property, plant and equipment and leasehold improvements, including associated intangibles. The estimate that is considered to give rise to the most significant risk of material misstatement within the discounted cash flow model is budgeted sales for 2025/26. A decrease in budgeted sales of 1% would give rise to an impairment of £nil (2024: £nil). Page 25
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025 3.Judgements in applying accounting policies (continued) The Company notes that there is subjectivity around the discount rate applied in determining a store's recoverable amount. The Company's policy is to use weighted average cost of capital to determine the discount rate, which is based on several assumptions including the estimation of the Company's appropriate cost of debt in absence of debt within the Company. However, the Company has comfort that movement in the discount rate of five percentage points would not result in a material difference to the financial statements. Other assumptions that are not considered to be key estimates and do not give significant risk of material misstatement in the next financial period are in relation to future sales growth rates, future gross margin growth rates and cost increases in future years. There has also been an impairment reversal of £nil (2024: £90,000) recognised across 0 stores (2024: 1 stores). Management will continue to closely monitor trading performance of each store to ensure appropriate assets values are impaired at the earliest point, if required. Stock provisioning The Company designs and retails clothing and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of stocks and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. Provision for dilapidations Provisions for dilapidations for store operating leases are recognised when the Company believes the likelihood of incurring costs to rectify the store is probable, due to a contractual obligation when vacating premises at lease expiry, and a reliable estimate can be made for the obligation. The provision as at 25 January 2025 is £3,801,000 (2024: £3,718,000) which relates to 112 (2024: 106) locations, see note 23. Estimates for dilapidation provisions are based on accurate settlement history against past provisions. The average cost of previous settlements has then been applied to the 112 (2024: 106) locations. Page 26
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Retail | 132,186 | 123,828
| Hire | 13,675 | 13,680
|  | 145,861 | 137,508
Analysis of turnover by country of destination:
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| United Kingdom | 141,892 | 132,363
| Republic of Ireland | 2,073 | 3,007
| Rest of the world | 1,896 | 2,138
|  | 145,861 | 137,508
5. | Other operating income
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| R&D expenditure credit | 391 | -
|  | 391 | -
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Exchange differences | 1,673 | (976)
| Profit/(Loss) on disposal of property, plant and equipment | (26) | (92)
| Rent paid contingent on turnover | (2,004) | (1,968)
Page 27
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025
7. | Auditors' remuneration
| During the period, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 77 | 73
| 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.
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Wages and salaries | 24,903 | 23,496
| Social security costs | 2,092 | 1,950
| Pension costs | 615 | 501
|  | 27,610 | 25,947
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 25 January | 27 January
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Distribution | 11 | 12
|  | Selling and marketing | 895 | 934
|  | Administration | 137 | 148
|  |  | 1,043 | 1,094
Page 28
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025
9. | Directors' remuneration
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Directors' emoluments | 1,201 | 1,268
| The highest paid director received remuneration of £697,000 (2024 - £733,000).
10. | Interest receivable
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Other interest receivable | 1,186 | 624
11. | Interest payable and similar expenses
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Other interest payable | 1 | 14
12. | Taxation
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 6,193 | 4,501
| Adjustments in respect of previous periods | 299 | (1,065)
|  | 6,492 | 3,436
| Total current tax | 6,492 | 3,436
| Deferred tax |  |
| Origination and reversal of timing differences | 708 | (386)
| Total deferred tax | 708 | (386)
|  | 7,200 | 3,050
Page 29
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025 12.Taxation (continued)
| Factors affecting tax charge for the period
| The tax assessed for the period is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit on ordinary activities before tax | 27,831 | 16,681
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 6,958 | 3,952
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 58 | 35
| Capital allowances for period in excess of depreciation | 127 | 189
| Remeasurement of deferred tax for changes in tax rates | - | (17)
| Non-taxable income | (26) | (54)
| Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge | (98) | -
| Adjustment in respect of prior period | 299 | (1,065)
| Income taxed at different rates on foreign jurisdictions* | (111) | (137)
| Deferred tax not recognised | 1 | 84
| Group relief claimed | (8) | (5)
| Foreign taxes (Ireland) | - | 68
| Total tax charge for the period | 7,200 | 3,050
| * Income taxed at different rates on foreign jurisdictions relates to the profit for the period of the Company's Irish stores taxed at 12.5%.
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
13. | Dividends
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Dividends paid | 15,000 | 10,250
Page 30
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025
14. | Intangible assets
|  | Computer software
|  | £000
| Cost |
| At 28 January 2024 | 7,632
| Additions | 2,336
| Disposals | (7,607)
| At 25 January 2025 | 2,361
| Amortisation |
| At 28 January 2024 | 7,609
| Charge for the period on owned assets | 396
| On disposals | (7,607)
| At 25 January 2025 | 398
| Net book value |
| At 25 January 2025 | 1,963
| At 27 January 2024 | 23
| As part of a review of the Group’s intangible assets, fully amortised assets that are no longer used were derecognised during the year. As these assets had no remaining net book value, the disposal had no impact on the profit and loss account.
Page 31
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025
15. | Tangible fixed assets
|  | Leasehold Improvements | Hire Inventory | Fixtures, vehicles and equipment | Total
|  | £000 | £000 | £000 | £000
| Cost or valuation |  |  |  |
| At 28 January 2024 | 2,965 | 7,265 | 48,496 | 58,726
| Additions | 361 | 785 | 5,960 | 7,106
| Disposals | (427) | (2,909) | (10,041) | (13,377)
| At 25 January 2025 | 2,899 | 5,141 | 44,415 | 52,455
| Depreciation |  |  |  |
| At 28 January 2024 | 2,544 | 6,179 | 43,885 | 52,608
| Charge for the period on owned assets | 160 | 910 | 2,389 | 3,459
| Disposals | (422) | (2,746) | (10,020) | (13,188)
| At 25 January 2025 | 2,282 | 4,343 | 36,254 | 42,879
| Net book value |  |  |  |
| At 25 January 2025 | 617 | 798 | 8,161 | 9,576
| At 27 January 2024 | 421 | 1,086 | 4,611 | 6,118
| Leasehold improvements relate to leasehold buildings as the element of land contained in these leases is minimal. An impairment of leased properties of £nil (2024: £nil) was recognised in the period.
Page 32
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025
16. | Stocks
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Retail stock | 18,820 | 14,503
17. | Debtors
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade debtors | 528 | 484
| Amounts owed by group companies | 24,114 | 24,077
| Other debtors | 330 | 368
| Prepayments and accrued income | 4,218 | 3,588
| Corporation tax recoverable | - | 1,032
| Deferred taxation | 1,323 | 2,030
|  | 30,513 | 31,579
18. | Cash and cash equivalents
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Cash at bank and in hand | 27,227 | 24,530
| Cash held under deposit | 4,929 | 1,706
|  | 32,156 | 26,236
Page 33
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025
19. | Creditors: Amounts falling due within one year
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Trade creditors | 8,534 | 8,148
| Amounts owed to group undertakings | 7 | 7
| Corporation tax | 1,438 | -
| Other taxation and social security | 3,256 | 3,274
| Other creditors | 4,568 | 3,951
| Accruals and deferred income | 17,828 | 15,317
| Financial instruments | 1,144 | 1,144
|  | 36,775 | 31,841
| HSBC Bank plc is secured by a fixed and floating charge over the assets of the company. There are no outstanding liabilities at the year end.
20. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Accruals and deferred income | 3,921 | -
|  | 3,921 | -
21. | Financial instruments
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Financial liabilities |  |
| Other financial liabilities measured at fair value through profit or loss - derivative open contracts | 1,144 | 1,144
Page 34
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025
22. | Deferred taxation
|  | 2025
|  | £000
| At beginning of year | 2,030
| Utilised in year | (707)
| At end of year | 1,323
| The deferred tax asset is made up as follows:
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fixed asset timing differences | 1,380 | 2,332
| Short term timing differences | 12 | 10
| Capital gains | (69) | (312)
|  | 1,323 | 2,030
23. | Provisions
|  | CVA Profit Distribution provision | Dilapidation provision | Total
|  |  | £000 | £000
| At 27 January 2024 | 931 | 3,718 | 4,649
| Charged to profit or loss | - | 83 | 83
| At 25 January 2025 | 931 | 3,801 | 4,732
| The dilapidations provision at 25 January 2025 of £3,801,098 (2024: £3,717,874) is the estimated future cost of the Company's dilapidation costs and is expected to be utilised within the end of the lease term for the stores. The CVA Profit Distribution arrangement provision at 25 January 2025 is £931,000 (2024: £931,000). The company will pay into the Profit Share Fund 10% of the amount by which the Profit Before Tax of the company for the period ended 27 January 2024 is in excess of £5m. The charge is adjusted where settlements have been negotiated with creditors since the CVA estimated at £237,000.
Page 35
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025
24. | Share capital
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 102,380,353 (2024 - 102,380,353) Ordinary shares of £0.05 each | 5,119 | 5,119
25. | Reserves
Share premium account This reserve records the amount above the nominal value received for shares issued by the company. Share premium may only be utilised to write-off any expenses incurred or commissions paid on the issue of those shares, or to pay up new shares to be allotted to members as fully paid bonus shares. Acquisition reserve This reserve represents the assets of those companies purchased by the entity. Profit and loss account The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
26. | Capital commitments
| At 25 January 2025 the Company had capital commitments as follows:
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Contracted for but not provided in these financial statements | 881 | 423
|  | 881 | 423
27. | Pension commitments
The company currently operates a defined contribution scheme. As at 25 January 2025 there was £99,000 outstanding relating to the defined contribution scheme (2024: £89,000). The charge for the period was £615,000 (2024: £583,000). Page 36
Moss Bros Group Limited Notes to the financial statements For the period ended 25 January 2025
28. | Commitments under operating leases
| At 25 January 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 25 January | 27 January
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Not later than 1 year | 8,797 | 9,019
| Later than 1 year and not later than 5 years | 14,561 | 14,512
| Later than 5 years | 24 | -
|  | 23,382 | 23,531
29. | Related party transactions
| The Company is exempt from disclosing related party transactions with other companies that are wholly owned within the group. The following are related parties outside of the group:
|  | 25 January | 27 January
|  | 2025 | 2024
|  | £000 | £000
| Purchases from entities controlled by key management personnel | 837 | 531
| Amounts due to entities controlled by key management personnel | 128 | 42
30. | Controlling party
The Company's immediate parent is Moss Bros Group Holdings Ltd. The consolidated financial statements for this company can be obtained from 128 Albert Street, London, NW1 7NE. In the opinion of the Directors there is no ultimate controlling party.
Page 37