Blundell's of Liverpool Ltd 31/03/2025 iXBRL

Company registration number: 07909727

Blundell's of Liverpool Ltd

Trading as McDonald's

Financial statements

31 March 2025

Blundell's of Liverpool Ltd

Contents

Directors and other information

Strategic report

Director's report

Independent auditor's report to the members

Statement of income and retained earnings

Statement of financial position

Statement of cash flows

Notes to the financial statements

Blundell's of Liverpool Ltd

Directors and other information


	Director	Mr M Blundell


	Company number	07909727


	Registered office	Altcar Road
		Formby
		Liverpool
		L37 8DL


	Business address	Altcar Road
		Formby
		Liverpool
		L37 8DL


	Auditor	Manex Accountants Ltd
		9 Castle Court (ii)
		Castlegate Way
		Dudley
		West Midlands
		DY1 4RD


	Accountants	Windsors Rybridge Ltd
		9 Castle Court (ii)
		Castlegate Way
		Dudley
		West Midlands
		DY1 4RD




	Bankers	HSBC Bank PLC
		4 Hardman Square
		Spinningfields
		Manchester
		M3 3EB

Blundell's of Liverpool Ltd

Strategic report

Year ended 31 March 2025

Business Review

The director aims to present a review of the development and performance of the company during the year under review and its position at the year end. This review is consistent with the size and nature of the company and is written in the context of the risks and uncertainties it faces.The principal activity of the company during the year was that of an operator of 22 McDonald's restaurant franchises. The profit for the year, before taxation, amounted to £126,908. This compares to a profit before tax of £1,886,250 in the previous year. Sales increased by 0.26%, from £92.64m to £92.88m. Gross profit as a percentage of sales decreased by 1.15% from 38.40% to 37.25%, which is in line with the director's expectations. The company has positive cashflows and the balance sheet shows net assets of £7,065,041, reflecting the solid position of the company from a solvency and liquidity perspective. The strong balance sheet provides a foundation on which the company can continue to grow and prosper. Given the straightforward nature of the business, the director is of the opinion that analysis using additional KPI's is not necessary for an understanding of the development, performance, or position of the company. The re-imaging strategy continued to have a positive impact on sales growth, which is in line with the director's expectations and objectives. The company continued its investment in the national McDonald's refurbishment projects. The IRLX (In Real Life Experience) upgrade programme was carried out at one restaurant during the year and is designed to provide greater speed, efficiency and choice in how consumers order their food. The redesigns include creating a separate delivery courier collection area to increase efficiency due to the rise in demand for delivery services. The redesign of kitchens and dining areas will also better integrate digital sales channels, MyMcDonald's App, and provide restaurants with technology and equipment to improve the customer's experience. We are constantly elevating our digital experiences, with the "Surprize fries" and "Winning Sips" promotions offered via the mobile app in 2024. The company will continue to push digital and delivery offerings. Providing our customers with affordable options has always been core to our brand, and we continue to evolve our value offerings to meet our customer's needs. The company continued to operate against the backdrop of significant macro-economic challenges. Despite the inflationary pressures, impacting food costs, the financial performance of the company was good.

Principle risks and uncertainties

The management of the company and the nature of its trading strategy are subject to several risks, which are set out below. The company operates a thorough risk assessment and management process which involves a formal review of all the risks identified below and introducing processes to monitor and mitigate each risk, where possible. The company operates in a highly competitive market with high levels of price sensitivity. Consumer behaviour can impact the company's turnover and profitability. The company mitigates this risk by adopting a policy of constantly assessing its pricing strategy with ongoing market research. The company remains exposed to periods of general inflation and food cost inflation together with the variability of commodity prices, which impact on the company's profitability. The company has been impacted by factors beyond its control, with food and paper cost inflation rising sharply. The company continually assesses any risks identified with the aim of mitigating the threats these may have on the company's operations and profitability. The company's supply chain is closely maintained by McDonald's, who are therefore able to negotiate effectively on behalf of franchisees to ensure better purchasing terms. This helps as much as possible to protect the company from risks associated with fluctuating food costs Any material changes in the way the consumer views the fast-food industry could have an adverse effect on the company. However, this can also work in the opposite direction and could assist the company to achieve growth. As a result, the company focuses, in detail, on recognising demographic trends, ensuring innovation and the use of the freshest and highest quality products through its stores. The company has strict policies to ensure that all stores are maintaining the McDonald's ethos.The company is also inherently exposed to pressures within the labour market and to wage cost inflation. Recent changes to the national minimum wage and national living wage have contributed towards the increase in wage costs. The company mitigates this risk by a policy of adopting remuneration and benefits packages designed to be competitive within the market as well as ensuring full compliance with labour market regulations, with employment policies to allow fulfilling career opportunities for all employees.The company's operations demand a high level of compliance within a wide range of regulatory requirements including hygiene, health and safety, licensing, and employment law. These areas are closely monitored by McDonald's to ensure the company is compliant. The fast-food market is extremely competitive, with a high number of competitors competing in the sector. To remain a market leader, McDonald's have dedicated teams who focus on ensuring the brand remains a leading brand in the market.

Financial risk management and policies

The company's principal financial instruments comprise bank balances, loans to the company, and trade creditors. The main purpose of these instruments is to provide funds for the company's operations. Their existence exposes the company to several financial risks, which have been considered and are managed as follows:Liquidity risk: Liquidity risk is the risk that the company will have insufficient resources to meet its financial liabilities as they fall due. The company's strategy to managing liquidity risk is to ensure that the company has sufficient funds to meet all its potential liabilities as they fall due. In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility using overdraft facilities at floating rates of interest. In respect of bank loans, although the interest rates are variable, monthly repayments are fixed. The liquidity risk is therefore managed by ensuring there are sufficient funds available to meet the monthly repayments. In respect of trade creditors, the liquidity risk is managed by ensuring sufficient funds are available to meet amounts due for payment.Operational risk: Operational risk is the risk of a direct or indirect loss resulting from the inadequacies or failures of processes or controls due to technology, staff, organisation, or external factors. To monitor and control operational risk, the company maintains a system of comprehensive policies and a control framework which is designed to provide and sound and well-controlled operational environment.Interest rate risk: Interest rate risk is the risk that financial performance of the company will be adversely affected by adverse fluctuations on interest rates being charged to the company on its financial instruments, most noticeably bank loans and its bank overdraft facility. The interest rate risk is managed by the on-going monitoring and assessment of its borrowings and the interest rate charged.Price risk: Price risk is the risk that financial performance of the company will be adversely affected by pricing changes. Due to the nature of the financial instruments used by the company, there is no exposure to price risk. The company sets its own prices within allowable variations. Cash flow and liquidity exposure is therefore directly related to prices and turnover.Other areas of risk include health and safety and food hygiene. The company's operations are constantly reviewed by McDonald's to ensure a high level of compliance.

Section 172(1) statement

The director believes they have acted in a way they consider in good faith and to promote the success of the company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1) (a-f) of the Companies Act).

The success of the Company is the driving factor behind all decisions made by the Director. Decision making processes are structured to enable the Director to evaluate the merit of proposed business activities and the likely consequences of its decisions over the short, medium, and long term.

Our people are key to our success. That is why we work hard to create jobs and opportunities for all our people, regardless of gender, age, or life stage. Understanding how our people feel about McDonald's is vital. It helps us ensure that we are giving them the right support to achieve their potential and to serve our customers well. We undertake quarterly surveys with all restaurant crew and managers to drive the conversation about how they feel at work. We also conduct regular "Love to Listen" surveys to check how satisfied our employees are with their jobs.

Our customers are the reason for our existence, and we therefore strive to provide high quality food with superior service in a clean and welcoming environment, at a great value. Customers can get in touch to share their thoughts through our social media platforms and communication portals.

Long-term commitments with our suppliers have enabled them to grow with us and drive positive change within their own businesses. The company recognises that relationships with suppliers are important to its long-term success and is briefed on supply feedback and issues on a regular basis.

The director carefully manages the company's environmental impact. All our restaurants carry out at least three litter patrols per day. Recycling units are installed around our restaurants, and our paper cups are sent to specialist recycling centres in the UK. Our new paper straws are now 100% recyclable. Working closely with our logistics partner, we have been able to reduce our carbon emissions by using biodiesel made from used cooking oil from our restaurants. We are aware of our responsibility in this area, and 2025 will see the introduction of more initiatives. We support our local communities and make charitable contributions to the Ronald McDonald House Charities UK.

In all our activities the director requires that our employees and suppliers conduct business with the highest ethical and professional standards by adhering to our Standards of Business Conduct set by McDonald's Corporation.

This report was approved by the board of directors on 22 December 2025 and signed on behalf of the board by:

Mr M Blundell

Director

Blundell's of Liverpool Ltd

Director's report

Year ended 31 March 2025

The director presents his report and the financial statements of the company for the year ended 31 March 2025.

Director

The director who served the company during the year was as follows:

Mr M Blundell

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Future developments

The director is committed to increasing both the turnover and profitability of the company. Macro-economic challenges are expected to continue in 2025, and the company will be working closely with the franchisor to counter any negative impacts from the changing external environment. The company will continue its policy of refurbishing its stores in line with the McDonald's national re-imaging strategy. The company will also continue to push delivery and digital offerings.

The company is expected to be profitable in the next accounting period despite the impact of rises in food cost inflation. The director is confident the company will continue to grow due to the strength of the brand and success of delivery and digital services. The company will continue with the management policies which have resulted in profitability in the current period.

Greenhouse gas emissions and energy consumption

	Unit	2025	2024
Emissions resulting from activities for which the company is responsible	tCO2e	330	377
Emissions resulting from the purchase of electricity by the company
for its own use	tCO2e	2,563	2,462
		_______	_______
Total emissions	tCO2e	2,893	2,839
Total energy consumed	kWh	12,626,758	12,283,850
Annual emissions (tCO2e) / Turnover	£'000	0.03	0.03
		_______	_______

Methodologies for energy and emissions calculations

Blundell's of Liverpool Ltd greenhouse gas emissions, reportable under SECR from 1st April 2024 to 31st March 2025, were 2,894 tonnes of carbon dioxide equivalent (tCO2e). These include emissions associated with electricity, natural gas, transport consumption and refrigerant leaks. The number of sites contributing to this report has not changed from last year. Total greenhouse gas emissions increased by 2.4% compared to the previous year, because purchased electricity energy consumption (kWh) has increased by 3.9% and natural gas energy consumption (kWh) has decreased by 7.5%. Notable factors that could have contributed to the movement in emissions are as follows: - A change in the methodology for missing data estimation will have affected the emissions associated with electricity, natural gas and purchased fuel. In FY23, extrapolation was conducted by Aligned Incentives, whereas in FY24, extrapolation was conducted by Mitie. - Increase in productivity (2.8% increase in revenue), which translates to an increase in total energy consumption. - A change in the market-based methodology led to an increase in electricity emissions under the market-based methodology. In FY23, all electricity consumption was considered renewable, whereas in FY24, only meters where electricity is supplied by Npower are considered renewable. This has been confirmed by the Mitie Energy Team, who procure electricity for McDonald's sites supplied by Npower. It is not known whether the other meters/sites use renewable electricity. - Improved refrigerant leak data capture from suppliers compared to the prior year, which has been confirmed by McDonald's, has led to an increase in emissions associated with refrigerants. As per SECR guidelines, Blundell's of Liverpool Ltd emissions intensity is calculated as the ratio of annual emissions (tCO2e) to the turnover (in £'000). An operational control approach has been used to define the Greenhouse Gas emissions boundary. This approach captures emissions associated with the operation of all buildings, such as warehouses, offices and manufacturing sites, plus company-owned and leased transport. This report covers UK operations only, as required by SECR for Non-Quoted Large Companies. This information was collected and reported in line with the methodology set out in the UK Government's Environmental Reporting Guidelines, 2019. Emissions have been calculated using the latest conversion factors provided by the UK Government. For Refrigerant emissions, GWP conversion factors have been used (High-GWP Refrigerants | California Air Resources Board, Greenhouse Gas Inventory Guidance: Fugitive Emissions (epa.gov). There are no material omissions from the mandatory reporting scope. Regarding market-based reporting, all electricity supplied by NPower is confirmed to be covered by Renewable Energy Guarantees of Origin (REGOs). All RoadChef MSA sites and ASDA sites (up until 31 March 2024) are also covered by REGOs (confirmed by the supplier). Due to a lack of information, the remaining electricity supply is assumed to be non-renewable. Energy consumption (in kWh) for the period 1st April 2024 - 31st March 2025 have been used to calculate emissions for Blundell's of Liverpool Ltd FY 2025.

Principal measures taken to increase energy efficiency

The director has continued to seek and implement energy efficiency measures within both the work processes and the use of work equipment. McDonald's Restaurants Limited is actively participating in mandatory compliance schemes, such as the Energy Savings Opportunity Scheme, TCFD, and is considering implementing the recommendations outlined in the ESOS audit reports.

The following are examples of energy efficiency initiatives that are being implemented at McDonald's Restaurants Limited and its franchisees' restaurants after recommendations from site energy audits conducted by the Mitie Energy Optimisation Team:

- Reductions to the time schedule for internal lighting, external lighting (signage, car parking lighting, etc.), Air Handling Unit (AHU) conditioning, kitchen extract system, etc.

- Improvements to the Car Park lighting schedule.

- Decreased temperature set points in dining and kitchen areas, e.g. overdoor heater setpoint reduced from 28 degrees Celsius to 22 degrees Celsius.

- Increased temperature deadbands in dining and kitchen areas, especially to AHUs.

- Local control settings change from 'Always On' to 'Normal.

- Heating set point temperature reduction.

- BMS time adjusted to sync with actual time.

The following approaches to energy efficiency are being undertaken by Blundell's of Liverpool Ltd and will be expanded over the following years:

- Reducing electricity consumption (Audits)

- Use of LED bulbs

- Conversion of cooking oil to fuel delivery fleet

- Optimisation of air conditioning run times

McDonald's goal is to achieve net zero emissions in all UK restaurants by 2030. This significant decarbonisation of the emissions from our restaurants will be in line with the SBTi net zero criteria and a 1.5°C climate scenario pathway. This is an interim target towards becoming net zero across our entire business by 2040. We will achieve this by reducing our emissions through how we power our restaurants, as well as how we reduce and recycle our waste.

Our overall strategy is to pursue a program of energy efficiency combined with carbon mitigation measures such as the utilisation of renewable electricity and transitioning to LED lighting throughout all our restaurants. This will be bolstered with programs to reduce and decarbonise heat across our estate. We are committed to being more energy efficient through deploying better internal operating practices and by investing in technology which saves energy.

Employment of disabled persons

The company operates an equal opportunities policy regarding recruitment and seeks to offer suitable work and training wherever practicable to persons with disabilities. The policy of the company is to ensure that disabled applicants for employment are given full and fair consideration having paid regard to their aptitudes and abilities. Existing disabled employees are given equal access to appropriate training, career development and promotion opportunities within the company. In the event of employees becoming disabled while in the employment of the company, all reasonable means are explored to achieve retention in employment in the same or an alternative capacity.

Employee involvement

The company aims to promote a working environment free from unlawful harassment, victimisation, bullying and discrimination. The company regards all its employees as members of a team where opinions are valued, and everyone is regarded as equal in status and treated with fairness and respect. The way the company recruits, and works is intended to ensure that employees are selected, promoted, and treated according to their ability and that everyone has an equal opportunity to receive training and development. The company communicates regularly with all employees on matters relating to its performance. Employees are encouraged to contribute to the decision-making process through regular staff meetings held by the management of the company to discuss matters of concern. An open management policy is operated whereby all members of staff (including part-time and casual staff) are briefed regularly and kept informed on matters affecting the company by means of regular store meetings and communications, together with personal appraisals and feedback sessions.

Financial instruments

The company's principal financial instruments comprise bank balances, loans to the company, and trade creditors. The main purpose of these instruments is to provide funds for the company's operations. Their existence exposes the company to several financial risks, which are detailed in the Strategic Report under financial risk management and policies.

Statement of Corporate Governance Arrangements

The company has a single director who has significant control. By reference to the Corporate Governance Guidance and Principles for Unlisted Companies in the UK, published by the Institute of Directors, the director has established a framework of company processes and outlooks that add value to the business, help build its reputation and ensure its long-term continuity and success. This framework aligns with the business system and processes established by the franchisor and contributes to the continued success of the company.

Stakeholder engagement

Our customers are at the heart of everything we do. We acknowledge the importance of keeping our customers engaged with our business and we do this in many ways through social media, our My McDonald's app, and newsletters. We use these communications to help keep customers up to date with McDonald's news, marketing campaigns, product launches and offers.

We take seriously the responsibilities that come as a franchisee of a market leader. We endeavour to assist building better local communities and support charitable organisations such as Ronald McDonald House Charities.

Our Scale for Good (which is McDonald's flagship global environmental strategy) targets are set at a McDonald's Corporation level but are implemented locally. As part of our Global Scale for Good targets, we are taking a range of measures with targets on climate action, beef sustainability, packaging and recycling, commitment to families and youth opportunity.

The company attends franchise engagement sessions to generate ideas and influence the creation of the McDonald's business plan. National Leadership Group meetings are held every year to discuss the strategic direction of the company.

Our plan for change is a clear plan with goals and actions to help us lead positive change across our business and beyond. The long-term ambition is to become a more sustainable business set within four main pillars: planet positive, people positive, great restaurants and great food. Our aims include achieving net zero emissions throughout the entire business and value chain by 2040.

We rely on our suppliers for our success. We are proud supporters of British and Irish agriculture. McDonald's has long-term partnerships with many of our suppliers. Such long-term partnerships encourage collaboration and enable suppliers to make decisions for the long term, giving them the confidence to invest in their businesses. Long-term commitment to supply McDonald's UK, has enabled our suppliers to grow with us and drive positive change within their own businesses.

McDonald's holds annual supplier chain conferences to set out the business ambitions for the year. The franchiser works closely with our suppliers to understand challenges and opportunities that face them, and the franchisee community are part of the supplier chain committee to seek and share the opinions of the group.

Disclosure of information in the strategic report.

The company has chosen, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 22 December 2025 and signed on behalf of the board by:

Mr M Blundell

Director

Blundell's of Liverpool Ltd

Independent auditor's report to the members of

Blundell's of Liverpool Ltd

Year ended 31 March 2025

Opinion

I have audited the financial statements of Blundell's of Liverpool Ltd (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In my opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. I am independent of the company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC’s Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern

In auditing the financial statements, I have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work I have performed, I 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.

My responsibilities and the responsibilities of the director 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 my auditor’s report thereon. The director is responsible for the other information. My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon. In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I are required to report that fact. I have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In my opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report has 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, I have not identified material misstatements in the strategic report or the director's report. I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion: - adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of director's remuneration specified by law are not made; or - I have not received all the information and explanations I require for my audit.

Responsibilities of directors

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

My 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 auditor’s report that includes my 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. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which my procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: Companies Act 2006/FRS 102, Employment Law, Waste, Health & Safety. We enquired of management to obtain an understanding of how the Company is complying with those legal and regulatory frameworks and whether they had any knowledge of actual or suspected fraud. We corroborated the results of our enquiries through our discussions with the directors and management. We did not identify any matters relating to non-compliance with laws and regulation or matters in relation to fraud;- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries of management and those responsible for legal and compliance procedures.- In assessing the potential risks of material misstatement, we obtained an understanding of the Company's operations, including its objectives and strategies to understand the expected financial statement disclosures and business risks that may result in risks of material misstatement.- In assessing the appropriateness of the collective competence and capabilities of the engagement team, the engagement partner considered the engagement team's:> understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation > the specialist skills required and > knowledge of the industry in which the client operates.- We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:> assessing the design effectiveness of controls management has in place to prevent and detect fraud;> challenging assumptions and judgements made by management in its significant accounting estimates;> identifying and testing journal entries, in particular manual journal entries made at year end for financial statement preparation; and > assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item.A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. As part of an audit in accordance with ISAs (UK), I exercise professional judgment and maintain professional scepticism throughout the audit. I 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 my 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 on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's 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 I conclude that a material uncertainty exists, we are required to draw attention in my auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s 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. I 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 I identify during my audit.

Use of my 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. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.

Mr Clinton Meehan BSC FCA

Manex Accountants Ltd

Chartered Accountant and Statutory Auditor

9 Castle Court (ii)

Castlegate Way

Dudley

West Midlands

DY1 4RD

22 December 2025

Blundell's of Liverpool Ltd

Statement of income and retained earnings

Year ended 31 March 2025

		2025	2024
	Note	£	£


Turnover	4	92,886,651	92,641,853
Cost of sales		( 58,281,847)	( 57,066,688)
		_______	_______
Gross profit		34,604,804	35,575,165

Administrative expenses		( 34,100,293)	( 33,245,700)
Other operating income	5	3,156	14,564
		_______	_______
Operating profit	6	507,667	2,344,029

Other interest receivable and similar income	9	1,170	33,939
Interest payable and similar expenses	10	( 381,929)	( 491,718)
Profit before taxation		126,908	1,886,250

Tax on profit	11	( 167,023)	( 596,157)
		_______	_______
(Loss)/profit for the financial year and total comprehensive income		( 40,115)	1,290,093
		_______	_______

Dividends declared and paid or payable during the year	12	( 245,000)	( 230,000)

Retained earnings at the start of the year		7,350,056	6,289,963
		_______	_______
Retained earnings at the end of the year		7,064,941	7,350,056
		_______	_______

All the activities of the company are from continuing operations.

Blundell's of Liverpool Ltd

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Intangible assets	13	4,166,742		4,449,642
Tangible assets	14	8,170,642		9,660,953
Investments	15	27,500		27,500
		_______		_______
			12,364,884		14,138,095

Current assets
Stocks	16	367,416		493,501
Debtors	17	1,836,276		1,305,834
Cash at bank and in hand		4,902,375		7,192,264
		_______		_______
		7,106,067		8,991,599
Creditors: amounts falling due
within one year	18	( 7,909,481)		( 9,393,177)
		_______		_______
Net current liabilities			( 803,414)		( 401,578)
			_______		_______
Total assets less current liabilities			11,561,470		13,736,517

Creditors: amounts falling due
after more than one year	19		( 3,604,865)		( 5,458,314)

Provisions for liabilities	20		( 891,564)		( 928,047)

			_______		_______
Net assets			7,065,041		7,350,156
			_______		_______

Capital and reserves
Called up share capital	24		100		100
Profit and loss account	25		7,064,941		7,350,056
			_______		_______
Shareholders funds			7,065,041		7,350,156
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 22 December 2025 , and are signed on behalf of the board by:

Mr M Blundell

Director

Company registration number: 07909727

Blundell's of Liverpool Ltd

Statement of cash flows

Year ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities
(Loss)/profit for the financial year	( 40,115)	1,290,093

Adjustments for:
Depreciation of tangible assets	2,243,999	2,205,862
Amortisation of intangible assets	287,680	320,947
Other interest receivable and similar income	( 1,170)	( 33,939)
Interest payable and similar expenses	381,929	491,718
Tax on profit	167,023	596,157
Accrued expenses/(income)	43,896	( 341,658)

Changes in:
Stocks	126,085	( 177,717)
Trade and other debtors	( 530,442)	( 608,271)
Trade and other creditors	( 1,118,610)	2,897,512
	_______	_______
Cash generated from operations	1,560,275	6,640,704

Interest paid	( 381,929)	( 491,718)
Interest received	1,170	33,939
Tax paid	-	( 6,302)
	_______	_______
Net cash from operating activities	1,179,516	6,176,623
	_______	_______

Cash flows from investing activities
Purchase of tangible assets	( 753,688)	( 5,051,175)
Purchase of intangible assets	( 4,780)	( 1,410,909)
Purchase of other investments	-	( 10,000)
	_______	_______
Net cash used in investing activities	( 758,468)	( 6,472,084)
	_______	_______

Cash flows from financing activities
Proceeds from borrowings	-	4,055,611
Repayments of borrowings	( 2,466,782)	-
Equity dividends paid	( 245,000)	( 230,000)
Directors loan account	845	( 6,889)
	_______	_______
Net cash (used in)/from financing activities	( 2,710,937)	3,818,722
	_______	_______

Net increase/(decrease) in cash and cash equivalents	( 2,289,889)	3,523,261
Cash and cash equivalents at beginning of year	7,192,264	3,669,003
	_______	_______
Cash and cash equivalents at end of year	4,902,375	7,192,264
	_______	_______

Blundell's of Liverpool Ltd

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in UK. The address of the registered office is Blundell's of Liverpool Ltd, Altcar Road, Formby, Liverpool, L37 8DL.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company is in a net assets position at the balance sheet date and is expected to grow. The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgments that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: > determining the estimated useful lives of tangible and intangible assets. > determining the residual value of tangible fixed assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually at the point of sale); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life, which is 20 years in line with the licence term. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	5 - 11% Straight line
Licence Fees	-	5 - 11% Straight line
Stamp Duty	-	5 - 7% Straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	5 - 33.33% Straight line
Office Fixtures and Equipment	-	14.29 - 20% Straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Unlisted fixed asset investments are recorded at cost.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement, which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted cost of the future holiday entitlement at the balance sheet date.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Food and drink sales	90,963,623	90,924,092
Sale of non-product items	1,923,028	1,717,761
	_______	_______
	92,886,651	92,641,853
	_______	_______

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2025	2024
	£	£
Other operating income	3,156	14,564
	_______	_______

6. Operating profit

Operating profit is stated after charging/(crediting):

	2025	2024
	£	£
Amortisation of intangible assets	287,680	320,947
Depreciation of tangible assets	2,243,999	2,205,862
Operating lease rentals	9,856,211	10,001,789
Foreign exchange differences	-	( 418)
Fees payable for the audit of the financial statements	7,400	7,400
	_______	_______

7. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2025	2024
Restaurant crew	2,296	2,024
Management and administration	86	74
	_______	_______
	2,382	2,098
	_______	_______

The aggregate payroll costs incurred during the year were:

	2025	2024
	£	£
Wages and salaries	24,591,289	23,084,311
Social security costs	1,012,702	875,811
Other pension costs	263,521	387,612
	_______	_______
	25,867,512	24,347,734
	_______	_______

8. Directors remuneration

The director's aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	12,000	12,000
Company contributions to pension schemes in respect of qualifying services	10,173	100,173
	_______	_______
	22,173	112,173
	_______	_______

9. Other interest receivable and similar income

	2025	2024
	£	£
Bank deposits	1,170	33,939
	_______	_______

10. Interest payable and similar expenses

	2025	2024
	£	£
Bank loans	381,929	490,811
Other interest payable and similar expenses	-	907
	_______	_______
	381,929	491,718
	_______	_______

11. Tax on profit

Major components of tax expense

	2025	2024
	£	£
Current tax:
UK current tax expense	203,506	-
	_______	_______

Deferred tax:
Origination and reversal of timing differences	( 36,483)	596,157
	_______	_______
Tax on profit	167,023	596,157
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25.00 % (2024: 25.00%).

	2025	2024
	£	£
Profit before taxation	126,908	1,886,250
	_______	_______

Profit multiplied by rate of tax	31,727	471,563
Effect of expenses not deductible for tax purposes	2,537	841
Effect of capital allowances and depreciation	235,742	109,272
Utilisation of tax losses	( 66,500)	( 581,676)
Deferred tax	( 36,483)	596,157
	_______	_______
Tax on profit	167,023	596,157
	_______	_______

12. Dividends

Equity dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)	245,000	230,000
	_______	_______

13. Intangible assets

	Goodwill	Licence fees	Stamp Duty	Total
	£	£	£	£
Cost
At 1 April 2024	5,699,976	431,000	171,367	6,302,343
Additions	-	-	4,780	4,780
	_______	_______	_______	_______
At 31 March 2025	5,699,976	431,000	176,147	6,307,123
	_______	_______	_______	_______
Amortisation
At 1 April 2024	1,658,900	142,688	51,113	1,852,701
Charge for the year	256,174	22,500	9,006	287,680
	_______	_______	_______	_______
At 31 March 2025	1,915,074	165,188	60,119	2,140,381
	_______	_______	_______	_______
Carrying amount
At 31 March 2025	3,784,902	265,812	116,028	4,166,742
	_______	_______	_______	_______
At 31 March 2024	4,041,076	288,312	120,254	4,449,642
	_______	_______	_______	_______

14. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 1 April 2024	20,117,257	39,030	20,156,287
Additions	753,688	-	753,688
	_______	_______	_______
At 31 March 2025	20,870,945	39,030	20,909,975
	_______	_______	_______
Depreciation
At 1 April 2024	10,469,836	25,498	10,495,334
Charge for the year	2,240,289	3,710	2,243,999
	_______	_______	_______
At 31 March 2025	12,710,125	29,208	12,739,333
	_______	_______	_______
Carrying amount
At 31 March 2025	8,160,820	9,822	8,170,642
	_______	_______	_______
At 31 March 2024	9,647,421	13,532	9,660,953
	_______	_______	_______

15. Investments

	Unlisted investments	Total
	£	£
Cost
At 1 April 2024 and 31 March 2025	27,500	27,500
	_______	_______
Impairment
At 1 April 2024 and 31 March 2025	-	-
	_______	_______
Carrying amount
At 31 March 2025	27,500	27,500
	_______	_______
At 31 March 2024	27,500	27,500
	_______	_______

Fixed asset investments consist of 27,500 (2024: 27,500) ordinary shares of £1 each in Fries Holding Co Ltd, a company registerd in Guernsey. The investment is included in the accounts at cost.

16. Stocks

	2025	2024
	£	£
Food, paper and non-product closing stock	367,416	493,501
	_______	_______

17. Debtors

	2025	2024
	£	£
Trade debtors	6,408	25,071
Prepayments	1,158,468	1,007,754
Other debtors	671,400	273,009
	_______	_______
	1,836,276	1,305,834
	_______	_______

18. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans	1,276,413	1,889,746
Trade creditors	3,491,139	4,186,314
Accruals and deferred income	1,450,894	1,630,494
Corporation tax	203,506	-
Social security and other taxes	1,451,954	1,644,157
Director loan accounts	2,359	1,514
Other creditors	33,216	40,952
	_______	_______
	7,909,481	9,393,177
	_______	_______

19. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans	3,604,865	5,458,314
	_______	_______

Bank loans consist of unsecured loans with HSBC, which is repayable by instalments over 5-7 years, with interest charged between 1.40%-1.70% over the base rate.

Included within creditors: amounts falling due after more than one year is an amount of £ - (2024 £ 890,418 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Creditors due after more than 5 years relate to bank loans with HSBC, which is repayable by instalments over 7 years, with interest charged at 1.70% over the base rate.

20. Provisions

	Deferred tax (note 21)	Total
	£	£
At 1 April 2024	928,047	928,047
Charges against provisions	( 36,483)	( 36,483)
	_______	_______
At 31 March 2025	891,564	891,564
	_______	_______

21. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 20)	891,564	928,047
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	869,544	994,547
Unused tax losses	-	( 66,500)
Deferred income	22,020	-
	_______	_______
	891,564	928,047
	_______	_______

22. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 263,521 (2024: £ 387,612 ).

23. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2025	2024
	£	£
Financial assets that are debt instruments measured at amortised cost
Purchase ledger debit balances	6,408	25,071
Other debtors	671,400	273,009
Cash at bank and in hand	4,902,375	7,192,264
	_______	_______
	5,580,183	7,490,344
	_______	_______

Financial assets that are equity instruments measured at cost less impairment
Unlisted investments	27,500	27,500
	_______	_______

Financial liabilities measured at amortised cost
Bank and other loans	4,881,278	7,348,060
Trade creditors	3,491,139	4,186,314
Other creditors	5,774	5,486
	_______	_______
	8,378,191	11,539,860
	_______	_______

Bank loans consist of unsecured loans with HSBC, which is repayable by instalments over 5-7 years, with interest charged between 1.40%-1.70% over the base rate. The ultimate repayment date across all loans will be April 2030.

24. Called up share capital

Issued, called up and fully paid

	2025		2024
	No	£	No	£
Ordinary shares shares of £ 1.00 each	100	100	100	100
	_______	_______	_______	_______

25. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses.Share Capital:This represents the nominal value of shares that have been issued.

26. Analysis of changes in net debt

	At 1 April 2024	Cash flows	At 31 March 2025
	£	£	£
Cash and cash equivalents	7,192,264	(2,289,889)	4,902,375
Debt due within one year	(1,891,260)	612,488	(1,278,772)
Debt due after one year	(5,458,314)	1,853,449	(3,604,865)
	_______	_______	_______
	( 157,310)	176,048	18,738
	_______	_______	_______

27. Capital commitments

Capital expenditure contracted for but not provided for in the financial statements is as follows:

	2025	2024
	£	£
Tangible assets	499,822	-
	_______	_______

The company agreed the contracted costs for the IRLX refurbishment at store 665 Morecambe on 17th February 2025.

28. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	2,619,961	2,672,808
Later than 1 year and not later than 5 years	10,312,764	10,360,177
Later than 5 years	18,566,664	21,139,211
	_______	_______
	31,499,389	34,172,196
	_______	_______

The company's restaurant premises are leased from McDonald's Restaurants Limited under non cancellable operating leases, with expiry terms of more than five years. The lease charge for each store consists of a base rent and a percentage rent based on food and drink sales. As such it is not possible to quantify the total commitments due under the leases due to the variable basis of the rental payments; the costs shown above are therefore based only on the store base rents.

29. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr M Blundell	( 1,514)	244,155	( 245,000)	( 2,359)
		_______	_______	_______	_______

2024
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr M Blundell	( 8,403)	236,889	( 230,000)	( 1,514)
		_______	_______	_______	_______

30. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
Blu Moss Estates Ltd	330,000	-	330,000	-
	_______	_______	_______	_______

Mr M Blundell , being a director of Blundell's of Liverpool Ltd , is also a director and shareholder of Blu Moss Estates Ltd. At the balance sheet date an amount of £330,000 was owed to Blundell's of Liverpool Ltd by Blu Moss Estates Ltd.

31. Key management personnel

There are no key management personnel other than the director.

32. Controlling party

The controlling interest of the company is held by Mr M Blundell, being the sole director and majority shareholder.