REGISTERED NUMBER: 03031072 (England and Wales)

Filco Supermarkets Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

Directors:

I Hunt

Mrs E Hunt

S B Hunt

M A Hunt

Registered office:

19 Boverton Road

Llantwit Major

South Glamorgan

CF61 1XZ

Registered number:

03031072 (England and Wales)

Senior statutory auditor:

C Edwards

Auditors:

Menzies LLP, Statutory Auditors

5th Floor Hodge House

114-116 St Mary Street

Cardiff

CF10 1DY

The directors present their strategic report for the year ended 31 March 2025.

2025

2024

£ 000's

£ 000's

Turnover

23,450

23,722

Gross profit %

23.3%

25.1%

Operating (Loss)/Profit before depreciation

(542)

314

Equity shareholders funds

9,332

10,458

Current assets/ liabilities ratio

1.37

1.98

Average number of employees

262

261

The company's principal activities continued to be food retailing and investing in and management of commercial retail rental properties.

The migration of primary supply partners Nisa to Morrisons was successfully completed within the first quarter of the year. This generated significant disruption and distraction as the stores migrated. The cessation of supply from Nisa also forfeited the final quarter rebates for that period impacting financial performance for that period. Difficulties in the integration between primary supplier and till POS providers resulted in suppressed retail pricing and therefore trading margin. This resulted in the benefits of reduced cost of goods not flowing through into profitability.

Stern conversations were held with POS providers to identify and develop a solution which is expected to arrive in the next financial year. Despite a 20% drop in retail pricing, turnover performed strongly throughout the year with many categories reaping the benefits of reduced pricing. The exception to this was tobacco which accounted for the overall declines in sales performance. This was inline with national market trends. Consumers accelerated their switching to vaping although regulation changes contained in TPD legislation, and the sale of disposable products meant the frequency of purchase and achievable margins were suppressed.

Throughout the year, difficulties were experienced with the new supply arrangements with availability adding to the pricing challenges resulting in a challenging trading environment. However average basket and transaction numbers were positive and provide a strong opportunity to significantly improve profit performance going into the next financial year.

Looking ahead to the new year, the company will focus on increasing trading margins and driving sales through a more settled environment.

In terms of the property portfolio, this continues to perform strongly with very low vacancy rates, new tenants and renegotiated leases all providing stability through the year and into the next.

On behalf of the board:

Mrs E Hunt - Director

23 December 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

Dividends

The total distribution of dividends for the year ended 31st March 2025 will be £320,195.

Directors

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

I Hunt

Mrs E Hunt

S B Hunt

M A Hunt

Engagement with employees

Filco Supermarkets Ltd is committed to the fair treatment of people with disabilities in relation to training, promotion and career development. If an existing employee becomes disabled, the company makes every effort to enable them to continue their employment and career development, and to arrange training where appropriate.

Throughout the year, weekly meetings of the leadership committee provide the opportunity to inform trading performance, discuss health and safety issues, feedback employee matters of concern and update on special project progress. Weekly newsletters are sent to store managers and matters of employee concern are posted on staff notice boards. Regular periodical management meetings provide the opportunity for updates, feedback and input into any decisions that could be made which may affect the interest of the staff team. As part of company remuneration benefits, qualifying staff are measured against both personal and business KPI assessments and appraisals and rewarded via the company bonus scheme.

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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;

-	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, Menzies LLP, Statutory Auditors, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

Mrs E Hunt - Director

23 December 2025

Opinion

We have audited the financial statements of Filco Supermarkets Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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

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 Strategic Report and the Report of the Directors, 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 Statement of Directors' Responsibilities set out on page three, 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:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the company. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies ACT 2006, UK GAAP (FRS 102) and relevant tax legislation.

Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:

-

Discussing with Directors and Management which areas of the business they believe to be more susceptible to fraud, and whether they have any knowledge or suspicion of fraudulent activities

-

Discussing with Directors and Management the legal and regulatory obligations of the business and whether they have any knowledge or suspicion of non compliance.

-

Obtaining an understanding of the key controls put in place by the company to address risks identified, assessing the effectiveness of those and discussing how these are maintained and monitored internally

-

Assessing the risk of management override and review and testing of journal entries made into the accounting system

-

Challenging assumptions and judgements made by the company in relation to the significant accounting estimates employed in the preparation of the financial statements

Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls.

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.

C Edwards (Senior Statutory Auditor)

for and on behalf of Menzies LLP, Statutory Auditors

5th Floor Hodge House

114-116 St Mary Street

Cardiff

CF10 1DY

23 December 2025

Revenue

23,449,707

23,721,843

Cost of sales

(17,993,018

)

(17,774,925

)

Gross profit

5,456,689

5,946,918

Distribution costs

(121,719

)

(181,233

)

Administrative expenses

(6,585,895

)

(6,128,814

)

(1,250,925

)

(363,129

)

Other operating income

401,441

339,782

(849,484

)

(23,347

)

Interest receivable and similar income

30,112

22,999

(819,372

)

(348

)

Interest payable and similar expenses

4

(3,332

)

(1,275

)

Loss before taxation

5

(822,704

)

(1,623

)

Tax on loss

6

16,356

(58,631

)

Loss for the financial year

(806,348

)

(60,254

)

Other comprehensive loss

Loss on revaluation

-

(136,800

)

Income tax relating to other comprehensive loss

-

-

Other comprehensive loss for the year, net of income tax

-

(136,800

)

Total comprehensive loss for the year

(806,348

)

(197,054

)

Fixed assets

Property, plant and equipment

8

5,453,308

5,588,915

Investment property

9

3,275,000

3,275,000

8,728,308

8,863,915

Current assets

Inventories

10

1,458,405

1,545,920

Debtors

11

253,860

290,277

Cash at bank and in hand

1,233,717

1,612,086

2,945,982

3,448,283

Creditors

Amounts falling due within one year

12

(2,155,191

)

(1,738,169

)

Net current assets

790,791

1,710,114

Total assets less current liabilities

9,519,099

10,574,029

Creditors

Amounts falling due after more than one year

13

(71,699

)

-

Provisions for liabilities

16

(115,284

)

(115,370

)

Net assets

9,332,116

10,458,659

Capital and reserves

Called up share capital

17

1,093

1,093

Capital redemption reserve

297

297

Revaluation reserve

2,601,806

2,601,806

Retained earnings

6,728,920

7,855,463

9,332,116

10,458,659

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

I Hunt - Director

Called up

Capital

share

Retained

redemption

Revaluation

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

1,093

8,206,094

297

2,738,606

10,946,090

Changes in equity

Dividends

-

(290,377

)

-

-

(290,377

)

Total comprehensive loss

-

(60,254

)

-

(136,800

)

(197,054

)

Balance at 31 March 2024

1,093

7,855,463

297

2,601,806

10,458,659

Changes in equity

Dividends

-

(320,195

)

-

-

(320,195

)

Total comprehensive loss

-

(806,348

)

-

-

(806,348

)

Balance at 31 March 2025

1,093

6,728,920

297

2,601,806

9,332,116

Cash flows from operating activities

Cash generated from operations

1

(12,332

)

425,886

Interest paid

(3,332

)

(1,275

)

Tax paid

(44,682

)

-

Net cash from operating activities

(60,346

)

424,611

Cash flows from investing activities

Purchase of tangible fixed assets

(145,702

)

(50,719

)

Sale of tangible fixed assets

250

31,804

Interest received

30,112

22,999

Net cash from investing activities

(115,340

)

4,084

Cash flows from financing activities

Capital repayments in year

75,187

(52,709

)

Amount introduced by directors

64,685

249,105

Amount withdrawn by directors

(22,360

)

(64,684

)

Equity dividends paid

(320,195

)

(290,377

)

Net cash from financing activities

(202,683

)

(158,665

)

(Decrease)/increase in cash and cash equivalents

(378,369

)

270,030

Cash and cash equivalents at beginning of year

2

1,612,086

1,342,056

Cash and cash equivalents at end of year

2

1,233,717

1,612,086

1.	Reconciliation of loss before taxation to cash generated from operations

2025

2024

£

£

Loss before taxation

(822,704

)

(1,623

)

Depreciation charges

280,925

324,949

Loss/(profit) on disposal of fixed assets

134

(9,431

)

Finance costs

3,332

1,275

Finance income

(30,112

)

(22,999

)

(568,425

)

292,171

Decrease/(increase) in inventories

87,515

(155,100

)

Increase in trade and other debtors

(5,908

)

(14,784

)

Increase in trade and other creditors

474,486

303,599

Cash generated from operations

(12,332

)

425,886

2.	Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,233,717

1,612,086

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,612,086

1,342,056

3.	Analysis of changes in net funds

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

1,612,086

(378,369

)

1,233,717

1,612,086

(378,369

)

1,233,717

Debt

Finance leases

(5,392

)

(75,187

)

(80,579

)

(5,392

)

(75,187

)

(80,579

)

Total

1,606,694

(453,556

)

1,153,138

1.	Statutory information

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102."The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except for the revaluation of properties which have been accounted for at fair value.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% on cost

Long leasehold

-

at varying rates on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Investment property

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

A valuation has been carried out for the year ended 31st March 2024 by Astleys Chartered Surveyors and this value has been used by the directors as the fair value of the investment and owner occupied properties at the year end.

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangements as either financial assets, financial liabilities or equity instruments, and are held at amortised cost. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all its liabilities.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Taxation

Taxation for the year comprises current and deferred tax. 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 equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

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

3.	Employees and directors

2025

2024

£

£

Wages and salaries

4,072,511

3,710,695

Social security costs

315,970

267,800

4,388,481

3,978,495

The average number of employees during the year was as follows:

2025

2024

Management

23

23

Administration

4

4

Selling and Distribution

235

234

262

261

2025

2024

£

£

Directors' remuneration

177,017

170,090

4.

Interest payable and similar expenses

2025

2024

£

£

Bank interest

3,332

1,275

5.	Loss before taxation

The loss is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

19,381

17,974

Depreciation - owned assets

280,925

324,949

Loss/(profit) on disposal of fixed assets

134

(9,431

)

Auditors' remuneration

12,250

12,000

6.

Taxation

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

-

60,952

Adjustment to previous year

(16,270

)

-

Total current tax

(16,270

)

60,952

Deferred tax

(86

)

(2,321

)

Tax on loss

(16,356

)

58,631

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Loss before tax

(822,704

)

(1,623

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

(205,676

)

(406

)

Effects of:

Expenses not deductible for tax purposes

2,621

1,115

Depreciation in excess of capital allowances

46,076

62,825

Utilisation of tax losses

-

(137

)

Losses carried forward

156,945

-

(Profit) / loss on asset disposal

34

(2,358

)

Deferred tax

(86

)

(2,321

)

Marginal relief

-

(87

)

Tax rebate

(16,270

)

-

Total tax (credit)/charge

(16,356

)

58,631

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2025.

2024

Gross

Tax

Net

£

£

£

Loss on revaluation

(136,800

)

-

(136,800

)