REGISTERED NUMBER: 00284283 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Period

28 January 2024 to 25 January 2025

for

Oldrid & Co.,Limited

Page

Company Information

1

Chairperson's Statement

2

Strategic Report

4

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

11

Other Comprehensive Income

12

Statement of Financial Position

13

Statement of Changes in Equity

14

Statement of Cash Flows

15

Notes to the Statement of Cash Flows

16

Notes to the Financial Statements

17

DIRECTORS:

Mr S D Goulder

Ms D M Isaac - Chairperson

Mr P E Isaac

Ms N Skins

Mr S C Medlock

SECRETARY:

Mr P E Isaac

REGISTERED OFFICE:

Downtown Store

Gonerby Moor

GRANTHAM

Lincolnshire

NG32 2AB

REGISTERED NUMBER:

00284283 (England and Wales)

SENIOR STATUTORY AUDITOR:

Steve Robinson

AUDITORS:

Nicholsons Audit (Statutory Auditor)

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

HSBC Bank Plc

53-54 Market Place

BOSTON

Lincolnshire

PE21 6LS

Trading

The financial statements that follow represent the 52 weeks of trading ending 25th January 2025.

Turnover on delivered sales has increased by 1.5%, gross margin has increased by 5.7%, due to a better overall margin percentage (43.86% vs 42.13%). The company made a significantly improved profit before taxation of £972,363 against a prior year profit before taxation of £829,583. The improvement was driven by the performance at both Downtown Grantham and Downtown Boston stores.

Online

The Online business has streamlined its operations, reduced the losses and focussed on trading as profitably as possible which has resulted in a much improved performance.

Financial Key Performance Indicators

25 January 2025

27 January 2024

Turnover

£28,388,230

£27,955,238

Gross Margin

£12,452,090

£11,777,868

Gross Margin %

43.86%

42.13%

Creditor days

36

36

Stock days

98

104

Average number of employees FTE

254

254

Downtown Grantham Designer Outlet

The Board has continued to progress the plans for the redevelopment and regeneration of our Grantham site, including the proposed construction of Downtown Grantham Designer Outlet.

Capital Expenditure

Capital expenditure for the year totalled £429,995 (£590,123 LY).

Pension Scheme

The pension scheme showed a surplus under FRS 102 of £0.1 million (£3.6 million LY). This surplus has been recognised due to its material nature and because the Company was not required to make any contributions to the scheme during the year. The assets of the pension scheme were transferred to Aviva Plc on 17th January 2025 as part of a Buy Out process which will take three years to complete. The company will be responsible for paying for the administration of the pension scheme during the Buy Out period.

Dividend

The Board proposes to pay a dividend to reflect the profit made in the year.

Principal Risks and Uncertainties

The Company's core activity is retail. In common with many businesses carrying out similar activities, the principal risks and uncertainties it faces are consumer spending downturn and retail competition.

The company continues to experience on going pressures in terms of increasing labour costs. The business continues to respond to changing market conditions and to restructure our operations to drive business efficiencies and profitability.

Greenhouse Gas Emission, energy consumption and energy efficiency action

In line with the UK Government's Streamlined Energy & Carbon Reporting (SECR) framework, the table below shows the Company's operational energy and carbon footprint. Electricity, gas and water usage is metered. Vehicle fuel usage was calculated using details of fuel usage and deliveries to the warehouse. Wastage has been confirmed through tonnes collected. Electricity, gas, water, fuel and wastage have been converted to CO2e using recognised conversion factors.

25 January 2025

27 January 2024

Energy consumption breakdown

Electricity (kWh)

2,715,345

2,908,554

Gas (kWh)

2,052,496

1,892,238

Water Usage (m3)

3,265

3,326

Transport (litres)

31,684

32,972

Transport passenger (miles)

27,491

27,649

Waste (tonnes)

345

387

Emissions in tonnes of carbon dioxide equivalent(CO2e)

Electricity

562.2

602.3

Gas

378.7

348.8

Water Usage

0.5

0.6

Transport

84.3

88.4

Transport passenger

7.6

7.7

Waste

179.5

201.4

Total Gross CO2e

1,212.9

1,249.1

Intensity ratio: kg CO2e/£Turnover per square foot

2.9

3.0

Stakeholder Engagement

The Board promotes the success of the Company under section 172 (1) of the Companies Act 2006 in a number of ways.

The Board engages with employees both directly when in the stores and via the wider leadership team. The Board meets with shareholders at shareholder forum meetings three times a year. There is regular communication with both employees and shareholders via the issuing of Company bulletins. The Company is a member of a number of different buying groups which meet and exchange information regularly with suppliers. The Company monitors customer satisfaction via customer surveys and feedback via a number of channels. The Board actively engage with the community and local organisations and the Company supports a number of local charities chosen by the employees.

Summary and Outlook

The Company has made a significant profit before taxation on continuing operations and the year end order book remains strong. The company will have to carefully navigate the increases in national insurance obligations whilst maintaining customer service. It is anticipated that the company should make a profit in the next 52 weeks albeit smaller.

Overall, the Company has a robust balance sheet and strong reserves and the Directors are confident that there are no going concern issues.

The directors present their strategic report for the period 28 January 2024 to 25 January 2025.

REVIEW OF BUSINESS

A review of the business is included within the Chairperson's Statement and assesses financial risk.

ON BEHALF OF THE BOARD:

Ms D M Isaac - Chairperson - Director

29 October 2025

The directors present their report with the financial statements of the company for the period 28 January 2024 to 25 January 2025.

PRINCIPAL ACTIVITIES

The principal activities of the company in the period under review were those of non-food retail distribution with restaurant, garden centre and travel shop. The subsidiary companies are dormant and have no activities.

DIVIDENDS

Dividend proposals are included within the Chairperson's statement.

FUTURE DEVELOPMENTS

A review of future developments is included within the Chairperson's statement.

DIRECTORS

The directors shown below have held office during the whole of the period from 28 January 2024 to the date of this report.

Mr S D Goulder

Ms D M Isaac - Chairperson

Mr P E Isaac

Ms N Skins

Mr S C Medlock

Other changes in directors holding office are as follows:

Mr M J Isaac - resigned 2 May 2024

EMPLOYMENT POLICY

The average number of persons employed (partners) in the company (including directors) during the period was 103 (2024 - 115) full-time and 265 (2024 - 245) part-time, (excluding those in leased departments) and their aggregate remuneration including NI was £7,059,378 (2024- £6,700,104).

The average number of full time equivalent employees during the year were 254 (2024 - 254).

The welfare, health and safety of all employees is actively promoted by the provision of good facilities, and their motivation by training, consultation and participation in the company's results, given through performance.

The defined contribution pension (money purchase) scheme takes in all employees including part-timers and directors this cost the company £241,507 (2024 - £208,500) in the period. The defined benefit pension scheme cost to the company is £452,776 (2024 - £229,379).

The company is committed to its equal opportunities policies, which include promoting training and career development for all partners. Full and fair consideration for all vacancies will be given to men and women, people with disabilities and those from ethnic minorities, regardless of marital status, age, religion or sexual orientation.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Nicholsons Audit (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr P E Isaac - Secretary

29 October 2025

Opinion

We have audited the financial statements of Oldrid & Co.,Limited (the 'company') for the period ended 25 January 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, 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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Annual Report, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

We have nothing to report in respect of the following matters where 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 six, 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 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.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.

Based on our understanding of the company and its industry we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations and in identifying and assessing the risk of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

- Inquiring of management and where appropriate those charge with governance as to whether the company is in compliance with laws and regulations.

- Inspecting correspondence, if any, with relevant licensing authorities.

- Communicating to our engagement team identified laws and regulations and remaining alert to any instances of non-compliance throughout our audit; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations which have a direct effect on the preparation of the financial statements such as tax legislation, the Companies Act 2006 and the reporting framework (FRS102).

Further to this, we evaluated the Directors' and managements incentives and opportunities for fraudulent manipulation of the financial statements including the risk of management override of controls and determined the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud; and

- Addressing the risks of fraud through management override of controls by performing journal entry testing.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Steve Robinson (Senior Statutory Auditor)

for and on behalf of Nicholsons Audit (Statutory Auditor)

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

29 October 2025

TURNOVER

28,388,230

27,955,238

Cost of sales

15,936,140

16,177,370

GROSS PROFIT

12,452,090

11,777,868

Administrative expenses

12,424,852

11,917,620

27,238

(139,752

)

Other operating income

1,219,977

1,219,854

OPERATING PROFIT

4

1,247,215

1,080,102

Interest receivable and similar income

291,471

201,308

1,538,686

1,281,410

Interest payable and similar expenses

5

559,323

446,827

Other finance costs

20

7,000

5,000

566,323

451,827

PROFIT BEFORE TAXATION

972,363

829,583

Tax on profit

6

-

(402

)

PROFIT FOR THE FINANCIAL PERIOD

972,363

829,985

PROFIT FOR THE PERIOD

972,363

829,985

OTHER COMPREHENSIVE INCOME

Pension scheme actuarial gain/(loss)

(3,449,012

)

(2,700,000

)

Effect of limit on recognisable surplus

174,000

281,000

Experience gain/(loss) on liabilities

7,000

(536,000

)

Changes to demographic assumptions

52,000

668,000

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

(3,216,012

)

(2,287,000

)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(2,243,649

)

(1,457,015

)

FIXED ASSETS

Tangible assets

8

23,478,433

23,466,388

Investments

9

132,089

130,672

Investment property

10

200,000

200,000

23,810,522

23,797,060

CURRENT ASSETS

Inventories

11

3,988,470

4,348,329

Debtors

12

2,087,603

3,234,162

Cash at bank and in hand

8,115,447

5,601,402

14,191,520

13,183,893

CREDITORS

Amounts falling due within one year

13

5,752,071

5,356,982

NET CURRENT ASSETS

8,439,449

7,826,911

TOTAL ASSETS LESS CURRENT LIABILITIES

32,249,971

31,623,971

CREDITORS

Amounts falling due after more than one year

14

(4,227,523

)

(4,491,743

)

PENSION ASSET

20

126,000

3,618,000

NET ASSETS

28,148,448

30,750,228

CAPITAL AND RESERVES

Called up share capital

18

9,146,726

9,139,324

Share premium

19

1,842,203

1,842,203

Treasury stock

19

(30,331

)

(26,721

)

Pension reserve

19

126,000

3,618,000

Retained earnings

19

17,063,850

16,177,422

SHAREHOLDERS' FUNDS

28,148,448

30,750,228

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

Ms D M Isaac - Chairperson - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 29 January 2023

9,146,726

15,138,035

1,842,203

Changes in equity

Issue of share capital

(7,402

)

-

-

Total comprehensive income

-

1,039,387

-

Balance at 27 January 2024

9,139,324

16,177,422

1,842,203

Changes in equity

Issue of share capital

7,402

-

-

Dividends

-

(365,533

)

-

Total comprehensive income

-

1,251,961

-

Balance at 25 January 2025

9,146,726

17,063,850

1,842,203

Treasury

Pension

Total

stock

reserve

equity

£

£

£

Balance at 29 January 2023

(26,721

)

6,107,000

32,207,243

Changes in equity

Issue of share capital

-

-

(7,402

)

Total comprehensive income

-

(2,489,000

)

(1,449,613

)

Balance at 27 January 2024

(26,721

)

3,618,000

30,750,228

Changes in equity

Issue of share capital

-

-

7,402

Dividends

-

-

(365,533

)

Total comprehensive income

(3,610

)

(3,492,000

)

(2,243,649

)

Balance at 25 January 2025

(30,331

)

126,000

28,148,448

Cash flows from operating activities

Cash generated from operations

1

3,946,707

3,803,413

Interest paid

(559,323

)

(446,827

)

Tax refunded

-

402

Net cash from operating activities

3,387,384

3,356,988

Cash flows from investing activities

Purchase of tangible fixed assets

(429,995

)

(590,123

)

Purchase of fixed asset investments

(1

)

-

Interest received

291,471

201,308

Net cash from investing activities

(138,525

)

(388,815

)

Cash flows from financing activities

New loans during year

2,710

4,800,000

Loan repayments in year

(368,381

)

(5,613,495

)

Share buyback

(3,610

)

-

Equity dividends paid

(365,533

)

-

Net cash from financing activities

(734,814

)

(813,495

)

Increase in cash and cash equivalents

2,514,045

2,154,678

Cash and cash equivalents at beginning of period

2

5,601,402

3,446,724

Cash and cash equivalents at end of period

2

8,115,447

5,601,402

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

Period

28.1.24

29.1.23

to

to

25.1.25

27.1.24

£

£

Profit before taxation

972,363

829,583

Depreciation charges

417,950

371,997

Loss on disposal of fixed assets

-

78

Pension charges

280,000

197,000

Investment adjustment

(1,416

)

(3,296

)

Finance costs

566,323

451,827

Finance income

(291,471

)

(201,308

)

1,943,749

1,645,881

Decrease in inventories

359,859

645,710

Decrease in trade and other debtors

1,146,559

1,264,882

Increase in trade and other creditors

496,540

246,940

Cash generated from operations

3,946,707

3,803,413

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 25 January 2025

25.1.25

28.1.24

£

£

Cash and cash equivalents

8,115,447

5,601,402

Period ended 27 January 2024

27.1.24

29.1.23

£

£

Cash and cash equivalents

5,601,402

3,446,724

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 28.1.24

Cash flow

At 25.1.25

£

£

£

Net cash

Cash at bank and in hand

5,601,402

2,514,045

8,115,447

5,601,402

2,514,045

8,115,447

Debt

Debts falling due within 1 year

(335,866

)

(2,710

)

(338,576

)

Debts falling due after 1 year

(4,491,743

)

264,220

(4,227,523

)

(4,827,609

)

261,510

(4,566,099

)

Total

773,793

2,775,555

3,549,348