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REGISTERED NUMBER: 13352281 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 May 2025

for

8 & 22 Limited

| 8 & 22 Limited (Registered number: 13352281) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 May 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Consolidated Income Statement | 9 |

| Consolidated Other Comprehensive Income | 10 |

| Consolidated Balance Sheet | 11 |

| Company Balance Sheet | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Financial Statements | 17 |

| 8 & 22 Limited |

Company Information

for the Year Ended 31 May 2025

| DIRECTORS: | Ms M McGann

| L McGann

| REGISTERED OFFICE: | 116 Duke Street

| Liverpool

| Merseyside

| L1 5JW

| REGISTERED NUMBER: | 13352281 (England and Wales)

| AUDITORS: | Xeinadin Audit Limited

| 116 Duke Street

| Liverpool

| Merseyside

| L1 5JW

| 8 & 22 Limited (Registered number: 13352281) |

Group Strategic Report

for the Year Ended 31 May 2025

The directors present their strategic report of the company and the group for the year ended 31 May 2025.

The Group, comprising 8&22 Ltd as the parent and its subsidiaries Sleep Trade Ltd, 528 International T/A MBM Ltd, Private Label Ltd, Secret Warehouse Liverpool Ltd, and Makeup by Me Ltd, operates within the cosmetics and beauty sector. The Group designs makeup products and related accessories, including cosmetic bags and suitcases. Product design is carried out internally, while manufacturing is outsourced to specialist partners in China. Finished goods are then imported into the UK for distribution. Sales are conducted through two primary channels: direct-to-consumer (D2C) platforms and UK retail partners, including national retailers such as Boots. Some subsidiaries remained dormant during the year and undertook no trading activity.

REVIEW OF BUSINESS

During the year ended 31 May 2025, the Group focused on expanding UK retail presence, growing D2C channels, launching new products, and exploring opportunities for international expansion.

The Board made a strategic decision to break into new markets across the globe and this expansion has started in Europe and America in the current financial year with both consumer and retail customers, this expansion is expected to generate significant revenues in the coming years.

The Board also decided to invest in treasury bonds where cashflow allowed, locking in higher interest rates for 6 to 12 months, adding further revenues and ensuring the accumulated profits are invested in a varied portfolio.

The results for the year compares to last year show a 5% reduction in turnover. Despite the reduction the Group have maintained a higher GP% of 56% compares to 47% as a result of improved relationships with suppliers.

Shareholders funds have increased by 50% to £19,547,976.

The Group monitors revenue growth and gross profit percentage as primary KPIs, along with internal operational measures such as delivery performance, product quality, and digital engagement metrics.

PRINCIPAL RISKS AND UNCERTAINTIES

Key risks include supply chain delays from China, foreign exchange exposure, reputational risk, cybersecurity threats, and cash flow management challenges. The Group monitors these risks and implements proportionate controls and mitigation.

At the date of this report there is uncertainty caused by the conflict in Iran and it is unknown what impact there will be on imports in the coming months.

ESG AND SUSTAINABILITY

The Group has no formal ESG or sustainability initiatives in place for the financial year but recognises the increasing importance of sustainability within the cosmetics sector and may develop proportionate frameworks in the future.

ON BEHALF OF THE BOARD:

Ms M McGann - Director

10 March 2026

| 8 & 22 Limited (Registered number: 13352281) |

Report of the Directors

for the Year Ended 31 May 2025

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

DIVIDENDS

Interim dividends totalling £430 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2025 will be £ 92,000 .

A shareholder with 200 shares waived their right to an interim dividend of £400 per share..

RESEARCH AND DEVELOPMENT

The Group has not undertaken any Research and Development activities in the year.

DIRECTORS

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

Ms M McGann

L McGann

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

| 8 & 22 Limited (Registered number: 13352281) |

Report of the Directors

for the Year Ended 31 May 2025

AUDITORS

The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms M McGann - Director

10 March 2026

Report of the Independent Auditors to the Members of

8 & 22 Limited

Qualified opinion

We have audited the financial statements of 8 & 22 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2025 and of the group's profit 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 qualified 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 group 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, with the exception of the matters set out below.

The prior year financial statements were not subject to an audit and the inventory in the prior year has not been verified. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 May 2024, which were included in the balance sheet at £277,844 by using other audit procedures. We current are unable to quantify the impact of any opening balance adjustments to the current year.

Furthermore, during the course of the audit we were unable to observe the physical counting of inventories held at a third party location. We were unable to satisfy ourselves by alternative means concerning some of the inventory quantities held at 31 May 2025, which are included in the balance sheet at £822,135, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

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 group's and the parent 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 Group 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

8 & 22 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

8 & 22 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:

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected farad identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory frameworks.

inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including and known actual, suspected or alleged instances of fraud.

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements and FRS 102 and the Companies Act 2006. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures.

The audit engagement team identified the risk of management override of controls, revenue recognition and the valuation of intangible fixed assets as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgements and estimates applied in revenue recognition and the valuation of intangible fixed assets.

A further description of our responsibilities for the audit of financial statements is located on the Financial Reporting Council's website and http://www.frc.org.uk/auditors responsibilities.

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.

Other matters which we are required to address

The year to 31 May 2025 is the first year that a statutory audit is required. The prior year has not been audited. We have carried out audit testing to obtain appropriate audit evidence that the opening balances do not contain misstatements that materially affect the current period's financial statements. We were unable to test the opening balance for inventory of £277,844, we have addressed this in our qualified opinion paragraph.

Report of the Independent Auditors to the Members of

8 & 22 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.

Rebecca Richards FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

116 Duke Street

Liverpool

Merseyside

L1 5JW

10 March 2026

| 8 & 22 Limited (Registered number: 13352281) |

Consolidated

Income Statement

for the Year Ended 31 May 2025

| 31.5.25 | 31.5.24 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 21,304,418 |  | 25,470,349 |  |

Cost of sales | 9,151,568 |  | 13,449,271 |  |

GROSS PROFIT | 12,152,850 |  | 12,021,078 |  |

Distribution costs | 283,077 |  | 99,174 |  |

Administrative expenses | 3,097,426 |  | 2,172,772 |  |

|  |  | 3,380,503 |  |  |  |  | 2,271,946 |  |

OPERATING PROFIT | 5 | 8,772,347 |  | 9,749,132 |  |

Interest receivable and similar income | 423,083 |  | 39,328 |  |

9,195,430 |  | 9,788,460 |  |

Amounts written off investments | 7 | - |  | 1 |  |

Gain/loss on revaluation of investment property | (205,000 | ) | - |  |

|  |  | (205,000 | ) |  |  |  | 1 |  |

9,400,430 |  | 9,788,459 |  |

Interest payable and similar expenses | 8 | 251,263 |  | 2,204 |  |

PROFIT BEFORE TAXATION | 9,149,167 |  | 9,786,255 |  |

Tax on profit | 9 | 2,532,925 |  | 2,433,258 |  |

PROFIT FOR THE FINANCIAL YEAR | 6,616,242 |  | 7,352,997 |  |

Profit attributable to:

Owners of the parent | 6,616,242 |  | 7,352,997 |  |

| 8 & 22 Limited (Registered number: 13352281) |

Consolidated

Other Comprehensive Income

for the Year Ended 31 May 2025

| 31.5.25 |  | 31.5.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 6,616,242 |  | 7,352,997 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 6,616,242 |  | 7,352,997 |  |

Total comprehensive income attributable to:

Owners of the parent | 6,616,242 |  | 7,352,997 |  |

| 8 & 22 Limited (Registered number: 13352281) |

Consolidated Balance Sheet

31 May 2025

| 31.5.25 | 31.5.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 12 | 4,409 |  | 4,409 |  |

Tangible assets | 13 | 223,655 |  | 192,884 |  |

Investments | 14 | 5,071,527 |  | 8,000,000 |  |

Investment property | 15 | 6,881,441 |  | 3,921,928 |  |

12,181,032 |  | 12,119,221 |  |

CURRENT ASSETS

Stocks | 16 | 1,805,683 |  | 277,844 |  |

Debtors | 17 | 4,451,037 |  | 2,848,531 |  |

Investments | 18 | 3,027,610 |  | - |  |

Cash at bank and in hand | 3,186,707 |  | 1,060,194 |  |

12,471,037 |  | 4,186,569 |  |

CREDITORS

Amounts falling due within one year | 19 | 5,104,093 |  | 3,282,056 |  |

NET CURRENT ASSETS | 7,366,944 |  | 904,513 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 19,547,976 |  | 13,023,734 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 400 |  | 400 |  |

Fair value reserve | 23 | 153,750 |  | - |  |

Retained earnings | 23 | 19,393,826 |  | 13,023,334 |  |

SHAREHOLDERS' FUNDS | 19,547,976 |  | 13,023,734 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2026 and were signed on its behalf by:

Ms M McGann - Director

| 8 & 22 Limited (Registered number: 13352281) |

Company Balance Sheet

31 May 2025

| 31.5.25 | 31.5.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 12 | - |  | - |  |

Tangible assets | 13 | 10,000 |  | 10,000 |  |

Investments | 14 | 6,482,213 |  | 9,410,686 |  |

Investment property | 15 | 6,881,441 |  | 3,921,928 |  |

13,373,654 |  | 13,342,614 |  |

CURRENT ASSETS

Debtors | 17 | 6,156,672 |  | 1,184,573 |  |

Investments | 18 | 3,027,610 |  | - |  |

Cash at bank | 481,177 |  | 331,921 |  |

9,665,459 |  | 1,516,494 |  |

CREDITORS

Amounts falling due within one year | 19 | 290,855 |  | 870,541 |  |

NET CURRENT ASSETS | 9,374,604 |  | 645,953 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 22,748,258 |  | 13,988,567 |  |

PROVISIONS FOR LIABILITIES | 21 | 51,250 |  | - |  |

NET ASSETS | 22,697,008 |  | 13,988,567 |  |

CAPITAL AND RESERVES

Called up share capital | 22 | 400 |  | 400 |  |

Merger relief reserve | 23 | 1,410,284 |  | 1,410,284 |  |

Fair value reserve | 23 | 153,750 |  | - |  |

Retained earnings | 23 | 21,132,574 |  | 12,577,883 |  |

SHAREHOLDERS' FUNDS | 22,697,008 |  | 13,988,567 |  |

Company's profit for the financial year | 8,800,441 |  | 8,028,374 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2026 and were signed on its behalf by:

Ms M McGann - Director

| 8 & 22 Limited (Registered number: 13352281) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 May 2025

| Called up |  | Fair |

| share |  | Retained |  | value |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 June 2023 | 400 |  | 5,840,337 |  | - |  | 5,840,737 |  |

Changes in equity

Dividends | - |  | (170,000 | ) | - |  | (170,000 | ) |

Total comprehensive income | - |  | 7,352,997 |  | - |  | 7,352,997 |  |

Balance at 31 May 2024 | 400 |  | 13,023,334 |  | - |  | 13,023,734 |  |

Changes in equity

Dividends | - |  | (92,000 | ) | - |  | (92,000 | ) |

Total comprehensive income | - |  | 6,462,492 |  | 153,750 |  | 6,616,242 |  |

Balance at 31 May 2025 | 400 |  | 19,393,826 |  | 153,750 |  | 19,547,976 |  |

| 8 & 22 Limited (Registered number: 13352281) |

Company Statement of Changes in Equity

for the Year Ended 31 May 2025

| Called up |  | Merger |  | Fair |

| share |  | Retained |  | relief |  | value |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 June 2023 | 200 |  | 4,719,509 |  | - |  | - |  | 4,719,709 |  |

Changes in equity

Issue of share capital | 200 |  | - |  | 1,410,284 |  | - |  | 1,410,484 |  |

Dividends | - |  | (170,000 | ) | - |  | - |  | (170,000 | ) |

Total comprehensive income | - |  | 8,028,374 |  | - |  | - |  | 8,028,374 |  |

Balance at 31 May 2024 | 400 |  | 12,577,883 |  | 1,410,284 |  | - |  | 13,988,567 |  |

Changes in equity

Dividends | - |  | (92,000 | ) | - |  | - |  | (92,000 | ) |

Total comprehensive income | - |  | 8,646,691 |  | - |  | 153,750 |  | 8,800,441 |  |

Balance at 31 May 2025 | 400 |  | 21,132,574 |  | 1,410,284 |  | 153,750 |  | 22,697,008 |  |

| 8 & 22 Limited (Registered number: 13352281) |

Consolidated Cash Flow Statement

for the Year Ended 31 May 2025

| 31.5.25 |  | 31.5.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 6,814,242 |  | 9,219,027 |  |

Interest paid | (134 | ) | (2,204 | ) |

Tax paid | (2,182,341 | ) | (945,630 | ) |

Net cash from operating activities | 4,631,767 |  | 8,271,193 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | - |  | (1,388 | ) |

Purchase of tangible fixed assets | (251,927 | ) | (117,540 | ) |

Purchase of fixed asset investments | (3,000,000 | ) | (8,000,000 | ) |

Purchase of investment property | (2,754,513 | ) | (1,509,869 | ) |

Sale of tangible fixed assets | 119,296 |  | - |  |

Sale of fixed asset investments | 6,000,000 |  | - |  |

Purchase of current asset investments | (3,000,000 | ) | - |  |

Interest received | 323,945 |  | 39,328 |  |

Net cash from investing activities | (2,563,199 | ) | (9,589,469 | ) |

Cash flows from financing activities

Loan repayments in year | - |  | (37,561 | ) |

Amount introduced by directors | 149,945 |  | - |  |

Amount withdrawn by directors | - |  | (206,512 | ) |

Equity dividends paid | (92,000 | ) | (170,000 | ) |

Net cash from financing activities | 57,945 |  | (414,073 | ) |

Increase/(decrease) in cash and cash equivalents | 2,126,513 |  | (1,732,349 | ) |

Cash and cash equivalents at beginning of year | 2 | 1,060,194 |  | 2,792,543 |  |

Cash and cash equivalents at end of year | 2 | 3,186,707 |  | 1,060,194 |  |

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 May 2025

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

| 31.5.25 |  | 31.5.24

£ | £ |

| Profit before taxation | 9,149,167 |  | 9,786,255 |  |

| Depreciation charges | 60,853 |  | 26,612 |  |

| Loss on disposal of fixed assets | 41,008 |  | - |  |

| Gain on revaluation of fixed assets | (205,000 | ) | - |  |

| Finance costs | 251,263 |  | 2,204 |  |

| Finance income | (423,083 | ) | (39,328 | ) |

8,874,208 |  | 9,775,743 |  |

| (Increase)/decrease in stocks | (1,527,839 | ) | 1,687,797 |  |

| Increase in trade and other debtors | (739,455 | ) | (2,205,403 | ) |

| Increase/(decrease) in trade and other creditors | 207,328 |  | (39,110 | ) |

| Cash generated from operations | 6,814,242 |  | 9,219,027 |  |

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 May 2025

| 31.5.25 |  | 1.6.24

£ | £ |

| Cash and cash equivalents | 3,186,707 |  | 1,060,194 |  |

| Year ended 31 May 2024

| 31.5.24 |  | 1.6.23

£ | £ |

| Cash and cash equivalents | 1,060,194 |  | 2,792,543 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.6.24 | Cash flow | At 31.5.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,060,194 |  | 2,126,513 |  | 3,186,707 |  |

1,060,194 |  | 2,126,513 |  | 3,186,707 |  |

| Liquid resources |

| Current asset investments | - |  | 3,027,610 |  | 3,027,610 |  |

- |  | 3,027,610 |  | 3,027,610 |  |

| Total | 1,060,194 |  | 5,154,123 |  | 6,214,317 |  |

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 May 2025

1. | STATUTORY INFORMATION

| 8 & 22 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 General 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 as modified by the revaluation of certain assets.

| Financial Reporting Standard 102 - reduced disclosure exemptions

| The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

| • | the requirement of paragraph 3.17(d).

| The parent company's individual statement of cashflows is not presented.

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Basis of consolidation

| The consolidated financial statements are prepared by combining the results of the parent company and its subsidiaries and eliminating any intra group balances and transactions. The year to 31 May 2025 was the first year that consolidated accounts were required. The parent company acquired 100% of the shares of the subsidiaries from L & M McGann in a share for share exchange. The previous owners received shares in the parent company in exchange for their shares in the subsidiaries. The value of the subsidiaries at the time of the transaction was considered to be £1,410,684, a merger relief reserve was created.

| These consolidated financial statements have been prepared under the merger accounting basis as permitted by FRS 102 section 19.27 which states that company law must not prohibit the use of merger accounting, the ultimate equity holders must remain the same with the rights of each equity holder being unchanged and that no non-controlling interest in the net assets of the group is altered.

| The combining entities are 8 & 22 Limited (the parent), Sleep Trade Limited, Secret Warehouse Limited, Private Label Limited and 528 International T/A MBM Limited.

| As per FRS 102 19.29 merger accounting allows the carrying value of the assets and liabilities of the combining entities to be used, although appropriate adjustments have been made to achieve uniformity of accounting policies and to remove any transactions and balances that have been conducted between the combining entities.

| FRS 102 19.30 allows the results and cash flows of all combining entities to be brought into the financial statements of the combined entity from the beginning of the financial year in which the combination occurred and for the comparative information to be restated by including the total comprehensive for all combining entities for the previous reporting period and their statement of financial position for the previous reporting date.

| As described in FRS 102 19.31 the difference between the value of the shares and the fair value of the consideration is shown as a movement on other reserves in these consolidated financial statements and shown in the statement of changes in equity.

| The parent company's accounting policies align with its subsidiaries and no adjustments are required.

| The financial year for some subsidiaries is 31 March 2025/6 April 2025 and 31 March 2024. Adjustments have been made to account for significant transactions that have occurred in the subsidiaries financial statements between 31 March 2025 and 31 May 2025. Adjustments have been made to reclassify transactions between amounts due within and more than one year where necessary.

| As there is trade between two of the subsidiaries an adjustment is required to eliminate any unrealsied profit within the group by restating the stock down to represent the cost to the group. A deferred tax asset has been created in respect of this adjustment.

| The consideration for the subsidiaries given by 8 &22 Limited on 5 May 2022 was £1,410,684 in the form of shares in the parent company in exchange for the entire share capital of:

| Sleep Trade Limited

| The Secret Warehouse Limited

| 528 International t/a MBM Limited

| Private Label Limited

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

| The key accounting estimates and assumptions are as follows:

| Useful economic lives of tangible fixed assets

| The useful economic lives used by the group in respect of tangible fixed assets are set out in the accounting policies. These estimates are the best estimate based on past experience and expected performance and are regularly reviewed to ensure they remain appropriate. The net book value of tangible fixed assets as at 31st May 2025 was £223,655 after a depreciation charge of £60,852.

| Allowance for doubtful debts

| The group assesses its doubtful debt allowance at each reporting date. Key assumptions applied are the

| estimated debt recovery rates and the future market conditions that could affect recovery. Management have used their judgement when assessing the recoverability of debtors and have not provided for any potential bad debts. Trade debtors at the balance sheet date are £1,001,297 and there is no material adjustment likely within the next financial year that relates to this financial year.

| Impairment of slow moving and obsolete stock

| As stated in the accounting policy stock is valued at the lower of cost and net realisable value with an allowance for slow moving and obsolete stock. The requirement for an allowance is reviewed by the directors and is based on age of stock and future demand. There is no allowance in the year.

| Accruals

| Management recognise accruals where expenses have been incurred but not yet invoiced. Management are able to estimate the accruals without any significant risk of material misstatement by using information readily available to them from their suppliers.

| At the reporting date, the group recognised an accrual in respect of fees payable to the brand ambassador. The accrual represents management's best estimate of the amount payable.

| 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 represents the sale of branded make up products, a sale is recognised on despatch of goods. Also included in turnover is rental income received in respect of the Investment Property held by the Group. Rental income is recognised on a receipts basis.

| Cost of Sales

| Cost of sales represents the cost of goods, shipping and packaging. Cost of sales also includes transaction fees and commission taken by online sales platforms. Suppliers raise invoices on despatch of goods.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Development costs are being amortised evenly over their estimated useful life of nil years.

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost and subsequently measured at cost less accumulated depreciation and impairment where necessary.

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

| life.

| Freehold Property |  | - No depreciation charged |  |

| Plant and Machinery |  | - 15%-20% on cost |  |

| Motor Vehicles |  | - 15% on cost |  |

| Computer Equipment |  | - 20% 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.

| Investment property is recognised at fair value as determined by the director using comparisons and local knowledge.

| Stocks

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

| Stocks are valued using the fist in first out method.

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial instrument's are recognised when the company becomes party to the contractual provisions of the instrument.

| Basic financial assets

| Basic financial assets, which include trade and other debtors, amounts due from group undertakings, pepayments and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitute a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

| Cash held on deposit with a fixed maturity date are initially measured at the transaction pice and subsequently measures at ammortised cost using the effective interest method. Deposits are categorised depending on their maturity:

| Less than 3 months, Cash and Cash Equivalents

| More than 3 months but less than 12 months, Current Asset Investments

| More than 12 months, Fixed Asset Investments

| Impairment of financial assets

| Financial assets are assessed for indicators of impairment at each reporting end date.

| Financial assets are impaired where there is objective evidence that , as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimates cash flows discounted at the asset's original effective interest rate.

| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

| Derecognition of financial assets

| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and subsequently all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated party.

| Classification of financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Basic financial liabilities

| Basic financial liabilities, including trade and other creditors, bank and other loans and amounts due to group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

| Derecognition of financial liabilities

| Financial liabilities are recognised when the company's contractual obligations are discharged, cancelled or they expire.

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 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

| 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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

| Investments in subsidiaries

| Investments in subsidiaries in the parent company balance sheet are initially measured at cost and subsequently measured at cost less impairment. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss.

| A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the group.

| An analysis of turnover by class of business is given below:

| 31.5.25 |  | 31.5.24

£ | £ |

| Sale of make up products | 21,002,559 |  | 25,396,791 |  |

| Rent | 296,459 |  | 71,598 |  |

| Other | 5,400 |  | 1,960 |  |

21,304,418 |  | 25,470,349 |  |

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

4. | EMPLOYEES AND DIRECTORS

| 31.5.25 |  | 31.5.24

£ | £ |

| Wages and salaries | 371,212 |  | 122,188 |  |

| Social security costs | 20,671 |  | 5,978 |  |

| Other pension costs | 3,761 |  | 129 |  |

395,644 |  | 128,295 |  |

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

| 31.5.25 |  | 31.5.24

18 |  | 12 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 18 (2024 - 12 ) .

| 31.5.25 |  | 31.5.24

£ | £ |

| Directors' remuneration | 27,000 |  | 22,953 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.5.25 |  | 31.5.24

£ | £ |

| Hire of plant and machinery | 6,617 |  | 9,947 |  |

| Other operating leases | 55,991 |  | 20,100 |  |

| Depreciation - owned assets | 60,852 |  | 26,612 |  |

| Loss on disposal of fixed assets | 41,008 |  | - |  |

| Auditors' remuneration | 45,000 |  | - |  |

| Other non- audit services | 5,000 |  | - |  |

| Foreign exchange differences | 449 |  | - |  |

6. | EXCEPTIONAL ITEMS

| 31.5.25 |  | 31.5.24

£ | £ |

| Loan write off | (138,212 | ) | (11,146 | ) |

| During the year the group has impaired a loan that was made to a connected company, MBM Spain Limited that is not considered to be recoverable.

7. | AMOUNTS WRITTEN OFF INVESTMENTS |

| 31.5.25 |  | 31.5.24

£ | £ |

| Amounts w/o invs | - |  | 1 |  |

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.5.25 |  | 31.5.24

£ | £ |

| Bank interest | 134 |  | - |  |

| Bank loan interest | - |  | 2,163 |  |

| Other interest | 251,129 |  | 41 |  |

251,263 |  | 2,204 |  |

9. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 31.5.25 |  | 31.5.24

£ | £ |

| Current tax:

| UK corporation tax | 2,890,823 |  | 2,433,258 |  |

| Under provision prior year | 204,813 |  | - |  |

| Total current tax | 3,095,636 |  | 2,433,258 |  |

| Deferred tax | (562,711 | ) | - |  |

| Tax on profit | 2,532,925 |  | 2,433,258 |  |

| Reconciliation of total tax 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:

| 31.5.25 |  | 31.5.24

£ | £ |

| Profit before tax | 9,149,167 |  | 9,786,255 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 2,287,292 |  | 2,446,564 |  |

| Effects of:

| Expenses not deductible for tax purposes | 35,662 |  | 4,215 |  |

| Capital allowances in excess of depreciation | - |  | (23,773 | ) |

| Depreciation in excess of capital allowances | 9,556 |  | - |  |

| Utilisation of tax losses | (4,398 | ) | 6,096 |  |

| Adjustments to tax charge in respect of previous periods | 204,813 |  | - |  |

| Varying rates | - |  | 156 |  |

| Total tax charge | 2,532,925 |  | 2,433,258 |  |

10. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

11. | DIVIDENDS

| 31.5.25 |  | 31.5.24

£ | £ |

| Interim | 92,000 |  | 170,000 |  |

12. | INTANGIBLE FIXED ASSETS

| Group

| Development

| costs

£ |

| COST

| At 1 June 2024

| and 31 May 2025 | 4,409 |  |

| NET BOOK VALUE

| At 31 May 2025 | 4,409 |  |

| At 31 May 2024 | 4,409 |  |

13. | TANGIBLE FIXED ASSETS

| Group

| Fixtures

| Freehold |  | Plant and |  | and

| property |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 June 2024 | 10,000 |  | 24,555 |  | 62,843 |  |

| Additions | - |  | 2,663 |  | 44,491 |  |

| Disposals | - |  | - |  | - |  |

| At 31 May 2025 | 10,000 |  | 27,218 |  | 107,334 |  |

| DEPRECIATION

| At 1 June 2024 | - |  | 5,032 |  | 12,569 |  |

| Charge for year | - |  | 5,443 |  | 21,988 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 31 May 2025 | - |  | 10,475 |  | 34,557 |  |

| NET BOOK VALUE

| At 31 May 2025 | 10,000 |  | 16,743 |  | 72,777 |  |

| At 31 May 2024 | 10,000 |  | 19,523 |  | 50,274 |  |

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

13. | TANGIBLE FIXED ASSETS - continued

| Group

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 June 2024 | 94,776 |  | 38,181 |  | 230,355 |  |

| Additions | 173,710 |  | 31,063 |  | 251,927 |  |

| Disposals | (164,355 | ) | - |  | (164,355 | ) |

| At 31 May 2025 | 104,131 |  | 69,244 |  | 317,927 |  |

| DEPRECIATION

| At 1 June 2024 | 5,064 |  | 14,806 |  | 37,471 |  |

| Charge for year | 20,826 |  | 12,595 |  | 60,852 |  |

| Eliminated on disposal | (4,051 | ) | - |  | (4,051 | ) |

| At 31 May 2025 | 21,839 |  | 27,401 |  | 94,272 |  |

| NET BOOK VALUE

| At 31 May 2025 | 82,292 |  | 41,843 |  | 223,655 |  |

| At 31 May 2024 | 89,712 |  | 23,375 |  | 192,884 |  |

| Depreciation is included within the administrative expenses in the consolidated income statement.

| Company

| Freehold

| property

£ |

| COST

| At 1 June 2024

| and 31 May 2025 | 10,000 |  |

| NET BOOK VALUE

| At 31 May 2025 | 10,000 |  |

| At 31 May 2024 | 10,000 |  |

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

14. | FIXED ASSET INVESTMENTS

| Group

| Unlisted

| investments

£ |

| COST

| At 1 June 2024 | 8,000,000 |  |

| Additions | 3,000,000 |  |

| Disposals | (6,000,000 | ) |

| Share of profit/(loss) | 71,527 |  |

| At 31 May 2025 | 5,071,527 |  |

| NET BOOK VALUE

| At 31 May 2025 | 5,071,527 |  |

| At 31 May 2024 | 8,000,000 |  |

| Company

| Shares in |

| group |  | Unlisted |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST

| At 1 June 2024 | 1,410,686 |  | 8,000,000 |  | 9,410,686 |  |

| Additions | - |  | 3,000,000 |  | 3,000,000 |  |

| Disposals | - |  | (6,000,000 | ) | (6,000,000 | ) |

| Share of profit/(loss) | - |  | 71,527 |  | 71,527 |  |

| At 31 May 2025 | 1,410,686 |  | 5,071,527 |  | 6,482,213 |  |

| NET BOOK VALUE

| At 31 May 2025 | 1,410,686 |  | 5,071,527 |  | 6,482,213 |  |

| At 31 May 2024 | 1,410,686 |  | 8,000,000 |  | 9,410,686 |  |

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

14. | FIXED ASSET INVESTMENTS - continued

| All subsidiaries of 8 & 22 Ltd are as follows:

| Name of undertaking |  | Share capital |  | Holding |  |

| Sleep Trade Ltd |  | Ordinary £1 |  | 100% |  |

| 528 International T/A MBM Limited |  | Ordinary £1 |  | 100% |  |

| Private Label Ltd |  | Ordinary £1 |  | 100% |  |

| The Secret Warehouse Liverpool Ltd |  | Ordinary £1 |  | 100% |  |

| Makeup By Me Ltd * |  | Ordinary £1 |  | 100% |  |

| Where Have I Been All My Life Ltd * |  | Ordinary £1 |  | 100% |  |

| * Indicates dormant company

| All companies are incorporated in England and Wales

| All companies have a year end of 31 March other than The Secret Warehouse Limited which has a year end of 31 May.

| Where Have I Been All My Life Ltd has been dissolved after 31 May 2025 but before the date of these financial statements. The compani is dormant and has not been included in the consolidation.

| All registered offices, unless otherwise stated below, are: Secret Warehouse, Syren Street, Bootle, England, L20 8HN.

| Registered office of Sleep Trade Ltd and Private Label Ltd is 116 Duke Street, Liverpool, Merseyside, England, L1 5JW.

| All of the above subsidiaries are included in the consolidation.

| The following subsidiaries of the group have taken advantage of the S479A audit exemption and will not be subject to an audit for their year ended 31 March 2025 or 31 May 2025. The exemption is available to subsidiaries where a parent company has provided a guarantee. The guarantee was provided by 8&22 Ltd.

| Company Name |  | Registration number |  |

| Sleep Trade Ltd |  | 09211263 |  |

| 528 International T/A MBM Limited |  | 12270082 |  |

| Private Label Ltd |  | 10460126 |  |

| The Secret Warehouse Liverpool Ltd |  | 11978953 |  |

15. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 June 2024 | 3,921,928 |  |

| Additions | 2,754,513 |  |

| Revaluations | 205,000 |  |

| At 31 May 2025 | 6,881,441 |  |

| NET BOOK VALUE

| At 31 May 2025 | 6,881,441 |  |

| At 31 May 2024 | 3,921,928 |  |

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

15. | INVESTMENT PROPERTY - continued

| Group

| Fair value at 31 May 2025 is represented by:

£ |

| Valuation in 2025 | 205,000 |  |

| Cost | 6,676,441 |  |

6,881,441 |  |

| Investment Property is held at fair value, using the directors' valuation. Directors use their local knowledge and experience and comparable properties within the area.

| Company

| Total

£ |

| FAIR VALUE

| At 1 June 2024 | 3,921,928 |  |

| Additions | 2,754,513 |  |

| Revaluations | 205,000 |  |

| At 31 May 2025 | 6,881,441 |  |

| NET BOOK VALUE

| At 31 May 2025 | 6,881,441 |  |

| At 31 May 2024 | 3,921,928 |  |

| Fair value at 31 May 2025 is represented by:

£ |

| Valuation in 2025 | 205,000 |  |

| Cost | 6,676,441 |  |

6,881,441 |  |

| If investment property had not been revalued it would have been included at the following historical cost:

| 31.5.25 |  | 31.5.24

£ | £ |

| Cost | 6,676,441 |  | 3,921,928 |  |

| Investment property is held at fair value, using the director's valuation. Directors use their local knowledge and experience and comparable properties in the area.

16. | STOCKS

| Group |

| 31.5.25 |  | 31.5.24 |

£ | £ |

| Stocks | 1,805,683 |  | 277,844 |  |

| Stock represents finished products held for distribution.

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

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

| Group |  | Company |

| 31.5.25 |  | 31.5.24 |  | 31.5.25 |  | 31.5.24 |

£ | £ | £ | £ |

| Trade debtors | 1,001,297 |  | 820,561 |  | - |  | 4,130 |  |

| Amounts owed by group undertakings | - |  | - |  | 5,055,728 |  | 228,815 |  |

| Amounts owed by associates | 551,470 |  | 1 |  | - |  | 1 |  |

| Other debtors | 1,253,832 |  | 648,484 |  | 1,099,540 |  | 138,736 |  |

| VAT | - |  | - |  | - |  | 3,477 |  |

| Deferred tax asset | 562,711 |  | - |  | - |  | - |  |

| Prepayments | 1,081,727 |  | 1,379,485 |  | 1,404 |  | 809,414 |  |

4,451,037 |  | 2,848,531 |  | 6,156,672 |  | 1,184,573 |  |

| Deferred tax asset

| Group |  | Company |

| 31.5.25 |  | 31.5.24 |  | 31.5.25 |  | 31.5.24 |

£ | £ | £ | £ |

| Deferred tax | 562,711 |  | - |  | - |  | - |  |

18. | CURRENT ASSET INVESTMENTS

| Group |  | Company |

| 31.5.25 |  | 31.5.24 |  | 31.5.25 |  | 31.5.24 |

£ | £ | £ | £ |

| Other | 3,027,610 |  | - |  | 3,027,610 |  | - |  |

| Current asset investments represent treasury deposits with a maturity date of 3 months to 1 year after the balance sheet date.

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

| Group |  | Company |

| 31.5.25 |  | 31.5.24 |  | 31.5.25 |  | 31.5.24 |

£ | £ | £ | £ |

| Trade creditors | 210,130 |  | 33,395 |  | 9,689 |  | - |  |

| Amounts owed to group undertakings | 551,471 |  | - |  | 4,893 |  | 703,129 |  |

| Amounts owed to associates | - |  | - |  | - |  | 1 |  |

| Tax | 3,336,645 |  | 2,423,350 |  | 64,458 |  | - |  |

| Social security and other taxes | 9,142 |  | 13,983 |  | - |  | - |  |

| Net wages | 22,345 |  | 20,079 |  | - |  | - |  |

| Pensions | 641 |  | 301 |  | - |  | - |  |

| VAT | 65,790 |  | 386,005 |  | 654 |  | - |  |

| Other creditors | - |  | 91,800 |  | - |  | 91,800 |  |

| Directors' current accounts | 222,985 |  | 73,040 |  | 158,570 |  | 73,040 |  |

| Accrued expenses | 684,944 |  | 240,103 |  | 52,591 |  | 2,571 |  |

5,104,093 |  | 3,282,056 |  | 290,855 |  | 870,541 |  |

20. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

| Group

| Non-cancellable |

| operating leases |

| 31.5.25 |  | 31.5.24

£ | £ |

| Within one year | 59,952 |  | - |  |

| Between one and five years | 78,561 |  | - |  |

138,513 |  | - |  |

21. | DEFERRED TAX

| Company |

| 31.5.25 |  | 31.5.24 |

£ | £ |

| Deferred tax | 51,250 |  | - |  |

| Group

£ |

| Provided during year | (562,711 | ) |

| Balance at 31 May 2025 | (562,711 | ) |

| Company

£ |

| Provided during year | 51,250 |  |

| Balance at 31 May 2025 | 51,250 |  |

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

21. | DEFERRED TAX - continued

| The net deferred tax asset represents timing differences in respect of assets that are being depreciated at a rate lower than the tax writing down allowances, partially offset by a deferred tax asset arising on short term timing differences.

| The major deferred tax liabilities and assets recognised are:

| Group |  | Assets/ (Liabilities | ) | Assets/ (Liabilities | ) |

|  | 2025 |  | 2024 |  |

| Balances: |  | £ |  | £ |  |

| Unrealised profit adjustment |  | 613,961 |  | - |  |

| Fair value gain- Investment Property |  | (51,250 | ) | - |  |

|  | 562,711 |  | - |  |

| Company |  | Assets/ (Liabilities | ) | Assets/ (Liabilities | ) |

|  | 2025 |  | 2024 |  |

| Balances: |  | £ |  | £ |  |

| Fair value gain- Investment Property |  | (51,250 | ) | - |  |

|  | (51,250 | ) | - |  |

22. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.5.25 |  | 31.5.24

| value: | £ | £ |

| 400 | Ordinary | £1 | 400 |  | 400 |  |

| All shares carry equal voting rights and equal rights to earn dividends.

23. | RESERVES

| Group

| Fair |

| Retained |  | value |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 June 2024 | 13,023,334 |  | - |  | 13,023,334 |  |

| Profit for the year | 6,616,242 |  | 6,616,242 |  |

| Dividends | (92,000 | ) | (92,000 | ) |

| Transfer in year | (153,750 | ) | 153,750 |  | - |  |

| At 31 May 2025 | 19,393,826 |  | 153,750 |  | 19,547,576 |  |

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

23. | RESERVES - continued

| Company

| Merger |  | Fair |

| Retained |  | relief |  | value |

| earnings |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 June 2024 | 12,577,883 |  | 1,410,284 |  | - |  | 13,988,167 |  |

| Profit for the year | 8,800,441 |  | 8,800,441 |  |

| Dividends | (92,000 | ) | (92,000 | ) |

| Transfer in year | (153,750 | ) | - |  | 153,750 |  | - |  |

| At 31 May 2025 | 21,132,574 |  | 1,410,284 |  | 153,750 |  | 22,696,608 |  |

24. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 May 2025 and 31 May 2024:

| 31.5.25 |  | 31.5.24

£ | £ |

| Ms M McGann

| Balance outstanding at start of year | (75,071 | ) | (279,552 | ) |

| Amounts advanced | - |  | 204,481 |  |

| Amounts repaid | (5,400 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | (80,471 | ) | (75,071 | ) |

| L McGann

| Balance outstanding at start of year | - |  | - |  |

| Amounts repaid | (144,545 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | (144,545 | ) | - |  |

25. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| During the year, total dividends of £92,000 were paid to the directors .

| Other related parties

| 31.5.25 |  | 31.5.24

£ | £ |

| Amount due from related party | 1,351,573 |  | 434,400 |  |

| Recognised bad or doubtful debts due from related parties | (138,212 | ) | - |  |

| 8 & 22 Limited (Registered number: 13352281) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 May 2025

25. | RELATED PARTY DISCLOSURES - continued

| Included within amounts due from other related parties is £1,045,578 relating to a loan that the Group has security over and charges interest, under normal market conditions.

| The amount written off is in relation to a company under common control and the debt is not deemed to be recoverable.

26. | ULTIMATE CONTROLLING PARTY

| In the opinion of the directors there is no controlling party.