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REGISTERED NUMBER: 01221548 (England and Wales)

| The Harratts Group Limited |

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the period |

| 31 December 2023 to 29 December 2024 |

The Harratts Group Limited (Registered number: 01221548)

Contents of the Financial Statements

for the period 31 December 2023 to 29 December 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Income Statement | 10 |

Other Comprehensive Income | 11 |

Statement of Financial Position | 12 |

Statement of Changes in Equity | 13 |

Statement of Cash Flows | 14 |

Notes to the Statement of Cash Flows | 15 |

Notes to the Financial Statements | 17 |

The Harratts Group Limited

Company Information

for the period 31 December 2023 to 29 December 2024

| DIRECTORS: | Mrs S M Harratt

| Mr S T Harratt

| SECRETARY: | Mrs S M Harratt

| REGISTERED OFFICE: | 33 George Street

| Wakefield

| West Yorkshire

| WF1 1LX

| REGISTERED NUMBER: | 01221548 (England and Wales)

| AUDITORS: | SMH Jolliffe Cork Audit Ltd

| Accountants & Statutory Auditors

| 33 George Street

| Wakefield

| West Yorkshire

| WF1 1LX

| BANKERS: | HSBC Bank plc

| PO Box 105

| 33 Park Row

| Leeds

| West Yorkshire

| LS1 1LD

The Harratts Group Limited (Registered number: 01221548)

Strategic Report

for the period 31 December 2023 to 29 December 2024

The directors present their strategic report for the period 31 December 2023 to 29 December 2024.

REVIEW OF BUSINESS

As reported in the 2023 Financial Statements, the Harratts Group were experiencing challenging trading conditions and continued to make losses overall even after restructuring the Group, reducing retail outlets and introducing additional personal working capital.

A decision was taken in 2023 to close and dispose of the Pontefract property in order to release additional working capital into the Group. This transaction was not completed until June 2024. Unfortunately, by this time, the Group had continued making losses and the inflow of cash from the sale of Pontefract was consumed by liabilities that had accumulated during the loss-making months, and it was unrealistic to place any reliance on this disposal being used for anything other than the settlement of the company's trade liabilities wherever possible. This resulted, therefore, with the ultimate debt being owed to Group as a result of the Group's cash flow facility.

Despite all the actions and support that the Group had taken to address the challenges and also the additional losses which were incurred to June 2024, the extreme pressure on cash flow and other external factors resulted in the trading subsidiaries having no sustainable future. The Directors, therefore, had no other option than to put the three trading subsidiaries, Harratts Limited, Harratts of Wakefield Limited and Harratts M1 Limited into voluntary liquidation in August 2024. As a result of this, all intercompany loans, group trading debts and contracts were settled by the Harratts Group Limited where they had acted as guarantor, which had a negative impact on The Harratts Group Limited financial results in the period to 29 December 2024. The intercompany amount written off in these 2024 accounts is £3,998,513.

Moving forward, The Harratts Group Limited worked to develop a foundation that would move the Group from a motor retail group to a viable property company whose principal activity is property management over their existing property portfolio. Going forward, their main objective is to maximise property potential whilst minimising the cost base. This being achieved through highlighting all non-essential costs and progressively eliminating them, thus maintaining a sustainable low-cost base.

In order for the Harratts Group to maximise the rental earnings, a Property Consultant was appointed to conduct a formal review of all existing leases and to develop a plan to ensure that property rental income is being maximised at all times. Also, their expertise will be used to market and advise with the replacement of any tenants in properties that may become vacant in the future.

The Key Performance Indicators remain the maximisation of the company's rental income and in contrast, minimising the turnover of tenancies and occupation of the company's commercial property assets to deliver the highest yield and return on investment for the shareholders.

The company does not specifically determine their success based on any benchmark for an optimum income and cost mitigation but the appointment of a specialist advisor in this field, was undertaken to ensure that the company maximises the opportunities that their property investments can generate.

This will ensure that the Directors will achieve their main objectives providing that outside influences do not have a negative impact on the business. The company must look beyond its immediate operations and adapt to external factors that influence strategy, execution and success.

The Harratts Group Limited (Registered number: 01221548)

Strategic Report

for the period 31 December 2023 to 29 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the implementation of the company's strategies were subject to a number of risks. The key risks affecting the business were considered to be finance and treasury risk, legal and regulatory, information technology and computer risks, and the departure of senior team and key employees.

Finance and Treasury risk: the company had systems in place to provide the appropriate oversight over banking and funding facilities, and maintained regular communication between all relevant stakeholders to ensure company operations were fully supported.

Legal and Regulatory: the company monitored changes in the legal and regulatory landscape, installing the appropriate systems to ensure compliance.

Information Technology and Computer Systems: a modern computer network was maintained alongside a firewall and anti-virus software to maintain protection against external threats, and reduce single points of failure to reduce the chances of disruption to business.

Key Employees: the company aimed to provide a secure, satisfying and motivating work environment where employees' hard work and endeavours were recognised and rewarded, alongside training to enable staff to meet their goals.

ON BEHALF OF THE BOARD:

Mrs S M Harratt - Secretary

16 March 2026

The Harratts Group Limited (Registered number: 01221548)

Report of the Directors

for the period 31 December 2023 to 29 December 2024

The directors present their report with the financial statements of the company for the period 31 December 2023 to 29 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of a holding company and investment property rental.

DIVIDENDS

No dividends will be distributed for the period ended 29 December 2024.

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 31 December 2023 to the date of this report.

The beneficial interests of the directors holding office at 29 December 2024 in the shares of the company, according to the register of directors' interests, were as follows:

29.12.24 | 31.12.23 |

Ordinary shares of £1 each

Mrs S M Harratt | 45,000 |  | 45,000 |  |

Mr S T Harratt | 10,000 |  | 10,000 |  |

These directors did not hold any non-beneficial interests in the shares of the company.

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). 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.

The Harratts Group Limited (Registered number: 01221548)

Report of the Directors

for the period 31 December 2023 to 29 December 2024

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.

ON BEHALF OF THE BOARD:

Mrs S M Harratt - Secretary

16 March 2026

Report of the Independent Auditors to the Members of

The Harratts Group Limited

Opinion

We have audited the financial statements of The Harratts Group Limited (the 'company') for the period ended 29 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 29 December 2024 and of its loss for the period then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Material uncertainty related to going concern

In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures made in note 2 to the financial statements concerning the company's ability to continue as a going concern. The company incurred a net loss of £4,391,261 during the period ended 29 December 2024 and, at that date the company's current liabilities exceeded its total assets by £6,075,259 and it had net liabilities of £574,303. These conditions, along with the other matters explained in note 2 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company were unable to continue as a 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.

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.

Report of the Independent Auditors to the Members of

The Harratts Group Limited

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 four, 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.

Report of the Independent Auditors to the Members of

The Harratts Group Limited

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 approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- |  | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |

- |  | we identified the laws and regulations applicable to the company through discussions with the Directors and other informed management which we considered may have a direct material effect on the financial statements or the operations of the company and thereafter, the audit team remained alert to instances of non-compliance throughout the audit. |

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- |  | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and; |

- |  | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; |

- |  | in assessing the effectiveness of the control environment, we also reviewed significant correspondence between the company and UK regulatory bodies, reviewed minutes of meetings and gained an understanding of the company's approach to governance. |

To address the risk of fraud through management bias and override of controls, we:

- |  | performed analytical procedures to identify any unusual or unexpected relationships; |

- |  | tested journal entries to identify unusual transactions; |

- |  | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. |

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- |  | agreeing financial statement disclosures to underlying supporting documentation; |

- |  | enquiring of management as to actual and potential litigation and claims and reviewing correspondence with HMRC and the company's legal advisors. |

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Report of the Independent Auditors to the Members of

The Harratts Group Limited

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.

Claire Lawton FCA DChA (Senior Statutory Auditor)

for and on behalf of SMH Jolliffe Cork Audit Ltd

Accountants & Statutory Auditors

33 George Street

Wakefield

West Yorkshire

WF1 1LX

16 March 2026

The Harratts Group Limited (Registered number: 01221548)

Income Statement

for the period 31 December 2023 to 29 December 2024

Period | Period |

31.12.23 | 1.1.23 |

to | to |

29.12.24 | 30.12.23 |

| Notes | £ | £

TURNOVER | 443,139 |  | 441,669 |  |

Administrative expenses | 701,921 |  | 682,490 |  |

(258,782 | ) | (240,821 | ) |

Other operating income | 152,417 |  | 392,593 |  |

OPERATING (LOSS)/PROFIT | 4 | (106,365 | ) | 151,772 |  |

Exceptional costs relating to subsidiary undertakings (in Liquidation) | 6 | (258,764 | ) | - |  |

Impairment of amounts due from group undertakings | 6 | (3,998,513 | ) | (6,376,432 | ) |

(4,363,642 | ) | (6,224,660 | ) |

Amounts written off investments | 7 | - |  | 30,000 |  |

(4,363,642 | ) | (6,254,660 | ) |

Interest payable and similar expenses | 8 | 70,850 |  | 34,329 |  |

LOSS BEFORE TAXATION | (4,434,492 | ) | (6,288,989 | ) |

Tax on loss | 9 | (43,231 | ) | 175,927 |  |

LOSS FOR THE FINANCIAL PERIOD | (4,391,261 | ) | (6,464,916 | ) |

The Harratts Group Limited (Registered number: 01221548)

Other Comprehensive Income

for the period 31 December 2023 to 29 December 2024

Period | Period |

31.12.23 | 1.1.23 |

to | to |

29.12.24 | 30.12.23 |

| Notes | £ | £

LOSS FOR THE PERIOD | (4,391,261 | ) | (6,464,916 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | (4,391,261 | ) | (6,464,916 | ) |

The Harratts Group Limited (Registered number: 01221548)

Statement of Financial Position

29 December 2024

2024 | 2023 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Tangible assets | 10 | 21,988 |  | 146,808 |  |

Investments | 11 | 2,510 |  | 2,500 |  |

Investment property | 12 | 5,825,000 |  | 6,945,000 |  |

5,849,498 |  | 7,094,308 |  |

CURRENT ASSETS

Stocks | 13 | 137,515 |  | 152,515 |  |

Debtors | 14 | 98,666 |  | 248,830 |  |

Cash at bank and in hand | 222,769 |  | 2,571,651 |  |

458,950 |  | 2,972,996 |  |

CREDITORS

Amounts falling due within one year | 15 | 6,534,209 |  | 5,764,714 |  |

NET CURRENT LIABILITIES | (6,075,259 | ) | (2,791,718 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | (225,761 | ) | 4,302,590 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (225,846 | ) | (364,155 | ) |

PROVISIONS FOR LIABILITIES | 20 | (122,696 | ) | (121,477 | ) |

NET (LIABILITIES)/ASSETS | (574,303 | ) | 3,816,958 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 100,000 |  | 100,000 |  |

Retained earnings | 22 | (674,303 | ) | 3,716,958 |  |

SHAREHOLDERS' FUNDS | (574,303 | ) | 3,816,958 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 16 March 2026 and were signed on its behalf by:

Mrs S M Harratt - Director

Mr S T Harratt - Director

The Harratts Group Limited (Registered number: 01221548)

Statement of Changes in Equity

for the period 31 December 2023 to 29 December 2024

Called up |  |

share | Retained | Total |

capital | earnings | equity |

| £ | £ | £

Balance at 1 January 2023 | 100,000 |  | 10,181,874 |  | 10,281,874 |  |

Changes in equity

Total comprehensive income | - |  | (6,464,916 | ) | (6,464,916 | ) |

Balance at 30 December 2023 | 100,000 |  | 3,716,958 |  | 3,816,958 |  |

Changes in equity

Total comprehensive income | - |  | (4,391,261 | ) | (4,391,261 | ) |

Balance at 29 December 2024 | 100,000 |  | (674,303 | ) | (574,303 | ) |

The Harratts Group Limited (Registered number: 01221548)

Statement of Cash Flows

for the period 31 December 2023 to 29 December 2024

Period | Period |

31.12.23 | 1.1.23 |

to | to |

29.12.24 | 30.12.23 |

| Notes | £ | £

Cash flows from operating activities

Cash generated from operations | 1 | (4,303,869 | ) | (603,799 | ) |

Interest paid | (66,116 | ) | (27,698 | ) |

Interest element of hire purchase payments paid | (4,734 | ) | (6,631 | ) |

Tax paid | (10,000 | ) | - |  |

Net cash from operating activities | (4,384,719 | ) | (638,128 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | - |  | (452 | ) |

Purchase of fixed asset investments | (10 | ) | - |  |

Sale of investment property | 1,125,000 |  | - |  |

Net cash from investing activities | 1,124,990 |  | (452 | ) |

Cash flows from financing activities

New loans in year | 750,000 |  | - |  |

Loan repayments in year | (200,673 | ) | (125,822 | ) |

Capital repayments in year | (29,900 | ) | (28,003 | ) |

Amount introduced by directors | 391,420 |  | 440,570 |  |

Net cash from financing activities | 910,847 |  | 286,745 |  |

Decrease in cash and cash equivalents | (2,348,882 | ) | (351,835 | ) |

Cash and cash equivalents at beginning of period | 2 | 2,571,651 |  | 2,923,486 |  |

Cash and cash equivalents at end of period | 2 | 222,769 |  | 2,571,651 |  |

The Harratts Group Limited (Registered number: 01221548)

Notes to the Statement of Cash Flows

for the period 31 December 2023 to 29 December 2024

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period | Period |

31.12.23 | 1.1.23 |

to | to |

29.12.24 | 30.12.23 |

| £ | £

| Loss before taxation | (4,434,492 | ) | (6,288,989 | ) |

| Depreciation charges | 106,844 |  | 22,789 |  |

| Loss on disposal of fixed assets | 12,976 |  | - |  |

| Amounts written off investments | - |  | 30,000 |  |

| Finance costs | 70,850 |  | 34,329 |  |

(4,243,822 | ) | (6,201,871 | ) |

| Decrease in stocks | 15,000 |  | 10,725 |  |

| Decrease in trade and other debtors | 150,164 |  | 5,275,977 |  |

| (Decrease)/increase in trade and other creditors | (225,211 | ) | 311,370 |  |

| Cash generated from operations | (4,303,869 | ) | (603,799 | ) |

2. | CASH AND CASH EQUIVALENTS

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

| Period ended 29 December 2024

| 29.12.24 |  | 31.12.23

| £ | £

| Cash and cash equivalents | 222,769 |  | 2,571,651 |  |

| Period ended 30 December 2023

| 30.12.23 |  | 1.1.23

| £ | £

| Cash and cash equivalents | 2,571,651 |  | 2,923,486 |  |

The Harratts Group Limited (Registered number: 01221548)

Notes to the Statement of Cash Flows

for the period 31 December 2023 to 29 December 2024

3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

| At 31.12.23 | Cash flow | At 29.12.24

| £ | £ | £

| Net cash |

| Cash at bank and in hand | 2,571,651 |  | (2,348,882 | ) | 222,769 |  |

2,571,651 |  | (2,348,882 | ) | 222,769 |  |

| Debt

| Finance leases | (82,417 | ) | 29,900 |  | (52,517 | ) |

| Debts falling due within 1 year | (200,673 | ) | (655,675 | ) | (856,348 | ) |

| Debts falling due after 1 year | (311,637 | ) | 106,348 |  | (205,289 | ) |

(594,727 | ) | (519,427 | ) | (1,114,154 | ) |

| Total | 1,976,924 |  | (2,868,309 | ) | (891,385 | ) |

The Harratts Group Limited (Registered number: 01221548)

Notes to the Financial Statements

for the period 31 December 2023 to 29 December 2024

1. | STATUTORY INFORMATION

| The Harratts Group 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 company's business address is Graphite House, Suites 6, 7 & 8 High Street, Crigglestone, West Yorkshire, WF4 3EF.

| The company's functional and presentation currency is the pound sterling £. All financial information presented has been rounded to the nearest £, unless otherwise stated.

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.

| Going concern

| The business activities of The Harratts Group Limited, together with the factors likely to affect its future development, performance and position are set out in the Business Review section of the .

| Strategic Report.

| Within these December 2024 accounts, a further £3,998,513 was written off by The Harratts Group Limited being the impairment of balances due from Group undertakings: this being in addition to the £6,376,432 already written off in the 2023 accounts.

| In view of the above, certain actions have been taken to improve cash flow, maximise property potential and to further reduce costs in the business.

| The Harratts Group continue to consider and monitor further actions it could take to strengthen its cash position and reduce operating costs. The directors acknowledge that in an event of an economic downturn in the property market, the certainty of its income streams from rental income going forward could affect profitability and availability of funds.

| As mentioned in the Business Review, a property consultant was appointed to give specialised advice and review all existing leases and property rentals to ensure that they are always current. Their expertise will be used to market and advise on any properties that may become vacant in the future. This enables the Group's income to be maximised at all times.

| In November 2025, the Harratts Group property in Leeds was sold introducing £2.6m cash into the business. The introduction of this cash enabled the Reward Finance Group Limited loan of £750k to be repaid, thus saving £9.5k of interest costs per month. The HSBC current account overdraft facility also ceased; the account operating in credit going forwards. The security associated with these funding facilities has now been released.

| In addition, The Harratts Group continue to benefit from very supportive shareholders and directors, demonstrated by the enduring commitment of their financial support with the credit balances on their directors' loan account.

| Operating costs are continually being reviewed with directors' salaries reduced following the year end along with administration costs, computer costs and various other Group costs that have now been cancelled.

| As a result of the aforementioned factors being taken into consideration, The directors have a reasonable expectation that The Harratts Group Limited has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the financial statements.

The Harratts Group Limited (Registered number: 01221548)

Notes to the Financial Statements - continued

for the period 31 December 2023 to 29 December 2024

2. | ACCOUNTING POLICIES - continued

| Preparation of consolidated financial statements

| The financial statements contain information about The Harratts Group Limited as an individual company and do not contain consolidated financial information as the parent of a group.

| The company is exempt under Section 405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements for its subsidiaries in Liquidation, as detailed in Note 11, due to the severe long-term restrictions that prohibit The Harratts Group Limited from exercising its rights over the assets and management of these subsidiaries.

| In addition, the company has also taken the exemption from the consolidation of its subsidiary S & S Wakefield Limited (dormant) on the grounds of its immateriality.

| Turnover

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

| Turnover solely comprises rents receivable which is recognised on an accruals basis.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Leasehold property improvements |  | - Over the reduced term of the lease, with balance now impaired |  |

| Plant & equipment |  | - 15% on reducing balance |  |

| Fixtures & fittings |  | - 15% on reducing balance |  |

| Computer equipment |  | - 33% on cost |  |

| Fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment.

| 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.

| Stocks

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

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

The Harratts Group Limited (Registered number: 01221548)

Notes to the Financial Statements - continued

for the period 31 December 2023 to 29 December 2024

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.

| Operating lease agreements

| Where the company retains substantially all the risks and rewards of ownership of the asset subject to the lease, as lessor, the asset is shown within fixed assets and is depreciated over its useful life. Rental income from these operating leases is recognised on a straight line basis over the period of the lease. Operating lease incentives offered by the company are accounted for as a reduction of the rental income and are allocated over the shorter of the lease term and the period to the first rent review where market rentals will be receivable.

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

| Investments

| Shares in unlisted investments are held at cost less any provision for impairment.

3. | EMPLOYEES AND DIRECTORS

Period | Period |

31.12.23 | 1.1.23 |

to | to |

29.12.24 | 30.12.23 |

| £ | £

| Wages and salaries | 350,595 |  | 351,267 |  |

| Social security costs | 28,346 |  | 32,597 |  |

378,941 |  | 383,864 |  |

| The average number of employees during the period was as follows:

Period | Period |

31.12.23 | 1.1.23 |

to | to |

29.12.24 | 30.12.23 |

| Administrative staff | 5 |  | 7 |  |

| Management | 2 |  | 2 |  |

7 |  | 9 |  |

The Harratts Group Limited (Registered number: 01221548)

Notes to the Financial Statements - continued

for the period 31 December 2023 to 29 December 2024

3. | EMPLOYEES AND DIRECTORS - continued

Period | Period |

31.12.23 | 1.1.23 |

to | to |

29.12.24 | 30.12.23 |

| £ | £

| Directors' remuneration | 262,837 |  | 285,791 |  |

| Information regarding the highest paid director is as follows:

Period | Period |

31.12.23 | 1.1.23 |

to | to |

29.12.24 | 30.12.23 |

| £ | £

| Emoluments etc | 232,480 |  | 255,898 |  |

4. | OPERATING (LOSS)/PROFIT

| The operating loss (2023 - operating profit) is stated after charging:

Period | Period |

31.12.23 | 1.1.23 |

to | to |

29.12.24 | 30.12.23 |

| £ | £

| Depreciation - owned assets | 106,844 |  | 22,789 |  |

| Loss on disposal of fixed assets | 12,976 |  | - |  |

| Property retention debtor written off | - |  | 65,761 |  |

5. | AUDITORS' REMUNERATION

|  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| Audit of the company's financial statements |  | 30,000 |  | 39,200 |  |

| Tax compliance and other services |  | 16,748 |  | 12,298 |  |

|  | 46,748 |  | 51,498 |  |

The Harratts Group Limited (Registered number: 01221548)

Notes to the Financial Statements - continued

for the period 31 December 2023 to 29 December 2024

6. | EXCEPTIONAL ITEMS

Period | Period |

31.12.23 | 1.1.23 |

to | to |

29.12.24 | 30.12.23 |

| £ | £

| Exceptional costs relating to subsidiary undertakings (in Liquidation) | (258,764 | ) | - |  |

| Impairment of amounts due from group undertakings | (3,998,513 | ) | (6,376,432 | ) |

(4,257,277 | ) | (6,376,432 | ) |

7. | AMOUNTS WRITTEN OFF INVESTMENTS |

Period | Period |

31.12.23 | 1.1.23 |

to | to |

29.12.24 | 30.12.23 |

| £ | £

| Amounts written off investment | - |  | 30,000 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

Period | Period |

31.12.23 | 1.1.23 |

to | to |

29.12.24 | 30.12.23 |

| £ | £

| Pension scheme loan interest | 18,297 |  | 22,826 |  |

| Directors' loan account interest | 3,905 |  | 4,872 |  |

| Sundry interest charges | 5,901 |  | - |  |

| Other loan interest | 38,013 |  | - |  |

| Hire purchase | 4,734 |  | 6,631 |  |

70,850 |  | 34,329 |  |

The Harratts Group Limited (Registered number: 01221548)

Notes to the Financial Statements - continued

for the period 31 December 2023 to 29 December 2024

9. | TAXATION

| Analysis of the tax (credit)/charge

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

Period | Period |

31.12.23 | 1.1.23 |

to | to |

29.12.24 | 30.12.23 |

| £ | £

| Current tax:

| UK corporation tax | (54,450 | ) | 54,450 |  |

| Transfer of subsidiary losses | 10,000 |  | - |  |

| Total current tax | (44,450 | ) | 54,450 |  |

| Deferred tax | 1,219 |  | 121,477 |  |

| Tax on loss | (43,231 | ) | 175,927 |  |

10. | TANGIBLE FIXED ASSETS

Leasehold | Fixtures |  |

property | Plant & | and | Computer |  |

improvement | equipment | fittings | equipment | Totals |

| £ | £ | £ | £ | £

| COST

| At 31 December 2023 | 131,761 |  | 187,466 |  | 42,602 |  | 172,932 |  | 534,761 |  |

| Disposals | - |  | (130,834 | ) | (5,482 | ) | (161,167 | ) | (297,483 | ) |

| At 29 December 2024 | 131,761 |  | 56,632 |  | 37,120 |  | 11,765 |  | 237,278 |  |

| DEPRECIATION

| At 31 December 2023 | 32,942 |  | 145,223 |  | 38,333 |  | 171,455 |  | 387,953 |  |

| Charge for period | 98,819 |  | 6,336 |  | 640 |  | 1,049 |  | 106,844 |  |

| Eliminated on disposal | - |  | (113,901 | ) | (4,439 | ) | (161,167 | ) | (279,507 | ) |

| At 29 December 2024 | 131,761 |  | 37,658 |  | 34,534 |  | 11,337 |  | 215,290 |  |

| NET BOOK VALUE

| At 29 December 2024 | - |  | 18,974 |  | 2,586 |  | 428 |  | 21,988 |  |

| At 30 December 2023 | 98,819 |  | 42,243 |  | 4,269 |  | 1,477 |  | 146,808 |  |

The Harratts Group Limited (Registered number: 01221548)

Notes to the Financial Statements - continued

for the period 31 December 2023 to 29 December 2024

11. | FIXED ASSET INVESTMENTS

Shares in |

group | Unlisted |

undertakings | investments | Totals |

| £ | £ | £

| COST

| At 31 December 2023 | 30,000 |  | 2,500 |  | 32,500 |  |

| Additions | 10 |  | - |  | 10 |  |

| At 29 December 2024 | 30,010 |  | 2,500 |  | 32,510 |  |

| PROVISIONS

| At 31 December 2023

| and 29 December 2024 | 30,000 |  | - |  | 30,000 |  |

| NET BOOK VALUE

| At 29 December 2024 | 10 |  | 2,500 |  | 2,510 |  |

| At 30 December 2023 | - |  | 2,500 |  | 2,500 |  |

| The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Harratts of Wakefield Limited (in Liquidation)

| Registered office: First Floor Lowgate House, Lowgate, Hull, HU1 1EL

| Nature of business:

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

| Harratts Limited (in Liquidation)

| Registered office: First Floor Lowgate House, Lowgate, Hull, HU1 1EL

| Nature of business:

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

| Harratts M1 Limited (in Liquidation

| Registered office: First Floor Lowgate House, Lowgate, Hull, HU1 1EL

| Nature of business:

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

| S & S Wakefield Limited

| Registered office: 33 George Street, Wakefield, WF1 1LX

| Nature of business: Dormant

% |

| Class of shares: | holding |

| Ordinary | 100.00 |

| The unlisted investment represents a minority interest in New Waterton Park Limited, a company registered in England.

The Harratts Group Limited (Registered number: 01221548)

Notes to the Financial Statements - continued

for the period 31 December 2023 to 29 December 2024

12. | INVESTMENT PROPERTY

Total |

| £

| FAIR VALUE

| At 31 December 2023 | 6,945,000 |  |

| Disposals | (1,120,000 | ) |

| At 29 December 2024 | 5,825,000 |  |

| NET BOOK VALUE

| At 29 December 2024 | 5,825,000 |  |

| At 30 December 2023 | 6,945,000 |  |

| Two of the company's investment properties were last formally valued as at 31 December 2021 by Knight Frank LLP of Leeds, on a Market Value basis. The valuations were provided for the purpose of secured lending.

| The remaining investment property was formally valued as at 17 February 2022 by K. Short & Co, Wakefield, on a Market Value basis.

| The directors consider the valuations to be appropriate as at 29 December 2024.

| In respect of investment properties, which are stated at valuation, the comparable historical cost is £4,743,093 (2024: £5,405,737).

13. | STOCKS

2024 | 2023 |

| £ | £

| Total stock | 137,515 |  | 152,515 |  |

14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

| £ | £

| Trade debtors | 34,321 |  | 26,825 |  |

| Other debtors | 41,999 |  | 13,209 |  |

| VAT | - |  | 163,278 |  |

| Prepayments and accrued income | 22,346 |  | 45,518 |  |

98,666 |  | 248,830 |  |

The Harratts Group Limited (Registered number: 01221548)

Notes to the Financial Statements - continued

for the period 31 December 2023 to 29 December 2024

15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

| £ | £

| Other loans (see note 17) | 856,348 |  | 200,673 |  |

| Hire purchase contracts (see note 18) | 31,960 |  | 29,899 |  |

| Trade creditors | 107,182 |  | 343,279 |  |

| Corporation tax | - |  | 54,450 |  |

| PAYE and NIC | 104,318 |  | 126,048 |  |

| VAT | 31,001 |  | - |  |

| Other creditors | 37,331 |  | 51,427 |  |

| Directors' current accounts | 5,088,791 |  | 4,697,371 |  |

| Accruals and deferred income | 277,278 |  | 261,567 |  |

6,534,209 |  | 5,764,714 |  |

16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

| £ | £

| Other loans (see note 17) | 205,289 |  | 311,637 |  |

| Hire purchase contracts (see note 18) | 20,557 |  | 52,518 |  |

225,846 |  | 364,155 |  |

17. | LOANS

| An analysis of the maturity of loans is given below:

2024 | 2023 |

| £ | £

| Amounts falling due within one year or on demand:

| Loans from pension scheme | 106,348 |  | 200,673 |  |

| Other loans | 750,000 |  | - |  |

856,348 |  | 200,673 |  |

| Amounts falling due between one and two years:

| Loans from pension scheme | 205,289 |  | 311,637 |  |

The Harratts Group Limited (Registered number: 01221548)

Notes to the Financial Statements - continued

for the period 31 December 2023 to 29 December 2024

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2024 | 2023 |

| £ | £

| Net obligations repayable:

| Within one year | 31,960 |  | 29,899 |  |

| Between one and five years | 20,557 |  | 52,518 |  |

52,517 |  | 82,417 |  |

Non-cancellable |

operating leases |

2024 | 2023 |

| £ | £

| Within one year | 34,200 |  | 34,200 |  |

| Between one and five years | 133,950 |  | 168,150 |  |

168,150 |  | 202,350 |  |

19. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

| £ | £

| Loans from pension scheme | 311,637 |  | 512,310 |  |

| Other loans | 750,000 |  | - |  |

| Hire purchase contracts | 52,517 |  | 82,417 |  |

1,114,154 |  | 594,727 |  |

| Other loans (Reward Finance Group Limited) are secured by a fixed charge over the freehold property lying to the south of High Street, Crigglestone, Wakefield, West Yorkshire.

| The loans from The Harratts Group Pension Scheme incur interest on a quarterly basis which is charged at 3% above bank base rate. The loans are wholly repayable within the next five years.They are secured by a fixed charge over the freehold property lying to the south of Huddersfield Road, Darton, Barnsley, South Yorkshire.

| Hire purchase contracts are secured on the assets to which they relate.

20. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

| £ | £

| Deferred tax | 122,696 |  | 121,477 |  |

The Harratts Group Limited (Registered number: 01221548)

Notes to the Financial Statements - continued

for the period 31 December 2023 to 29 December 2024

20. | PROVISIONS FOR LIABILITIES - continued

Deferred tax |

| £

| Balance at 31 December 2023 | 121,477 |  |

| Provided during period | 1,219 |  |

| Balance at 29 December 2024 | 122,696 |  |

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

value: |  | £ | £

| 100,000 | Ordinary | £1 | 100,000 |  | 100,000 |  |

| There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

22. | RESERVES

Retained |

earnings |

| £

| At 31 December 2023 | 3,716,958 |  |

| Deficit for the period | (4,391,261 | ) |

| At 29 December 2024 | (674,303 | ) |

| Included within retained earnings at 29 December 2024 is an amount of £1,081,907 (2023:£1,539,263) which is non-distributable. This relates to an accumulated increase in the fair value of properties held by the company, which have been recognised as investment.

23. | RELATED PARTY DISCLOSURES

| The company was under the control of the directors throughout the current and previous year.

| During the year, interest was charged on the directors' loan account balances, being funds retained in the company to support working capital commitments. The interest charged in 2024 and 2023 was calculated on one director's loan account, a total of £3,905 (2023: £4,872), whereas the other was provided interest free for the year.

| At 29 December 2024, the total credit balance of their combined directors' loan accounts was £5,088,791 (2023: £4,697,371).

| The company also paid rent totalling £12,397 (2023: £12,397) to The Harratts Group Pension Scheme in respect of property used as the Group head office, as well as interest of £18,297 (2023: £22,826) on loans made by The Harratts Group Pension Scheme. At 29 December 2024, the balance owed to the Scheme in respect of these loans amounted to £311,637 (2023: £512,310).

24. | POST BALANCE SHEET EVENTS

| Since the balance sheet date, the company have disposed of one of their Investment Properties which, as at the 29 December 2024, had a fair value in these financial statements of £2,450,000.