Company registration number SC419949 (Scotland)
MARK BIRKBECK & SONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JANUARY 2025
MARK BIRKBECK & SONS LIMITED
COMPANY INFORMATION
Directors
Mr P M Birkbeck
Mr T Birkbeck
Mr G C Meikle
Mrs L K Meikle
Secretary
Mr P M Birkbeck
Company number
SC419949
Registered office
The House of Bruar
by Blair Atholl
Pitlochry
Perthshire
United Kingdom
PH18 5TW
Auditor
Azets Audit Services
Fleet House
New Road
Lancaster
United Kingdom
LA1 1EZ
MARK BIRKBECK & SONS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 36
MARK BIRKBECK & SONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 29 JANUARY 2025
- 1 -

The directors present the strategic report for the year ended 29 January 2025.

Business review

During the year to 31 January 2025, the business progressed by generating more revenue at both traditional retail from the site adjacent to the A9 near Blair Atholl and from the direct shopping channels. One of the direct shopping strategies was targeted at overseas opportunities and considerable growth was created in USA.

Whilst both areas of the business grew, the increase in direct shopping was larger than the growth for on site, resulting in direct shopping attributing nearly 60% of the overall turnover. The turnover for the company exceeded £50m for the first time achieving £51m, which is 15% higher than the previous year.

The House of Bruar continue to promote some of Britain's finest produce, clothing and rural artwork. Within the various different halls you will find items ranging from traditional Scottish tweed to cashmere knitwear and locally sourced foodstuffs. The range available on the web site is all available in store, but not everything in the store is available on line, which helps to promote retail theatre and operations.

Financial key performance indicators

The traditional key performance indicators have been maintained and as the company creates more revenue proportionately from different sources, there are more measures and comparisons analysed on a periodic basis.

Other key performance indicators

The income is mainly generated from two distinct sources: over the counter sales and direct shopping. A key indicator of over the counter sales which is monitored daily is the number of visitors to the store. This is achieved by the use of a counter on the car parks.

Counter sales are also monitored daily against the same day of the previous calendar year, gross profit is monitored on a weekly basis and operating profit on a month by month basis.

Direct sales are monitored by reviewing the quantity of orders, the average value of orders placed and the average number of units per order on a daily basis. These values include orders generated by catalogues, off the page adverts and digital channels. The values are also analysed on the geographical source.

The balance sheet has remained stable with the turnover and profitability of the business continuing to improve.

MARK BIRKBECK & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
- 2 -
Future opportunities

There continues to be an increasing demand for House of Bruar branded merchandise at retail and more significantly on the internet and via mail order. This is enhanced by the promotion of world famous brands offered via all channels to the customer. The growth in the use of the internet for shopping has increased the future opportunities of the business and opened up international markets. The company printed its first USA focussed catalogue in the autumn of 2024, which was successful, and is now venturing into other countries.

The ease of price comparison on the internet is both a threat and an opportunity. Customers are able to benchmark all products online very easily and the purchase decision can be very price focussed. In turn this means that the theatre aspect of retail is more important as well as a difference in the product range. The House of Bruar is well placed to take advantage of the market position.

The ambition of long term relationships continues throughout all aspects of the business. Whilst this is an obvious statement for the relationship with staff members and customers, it is also true for suppliers and sub contractors. The House of Bruar is very proud of the fact that several suppliers have been with the company since the inception 30 years ago.

The future planning for the A9 dualling continues, although it would appear the start dates for the sections that cover The House of Bruar shop and the Ballinluig Distribution Centre have been delayed. It is the belief of the company that, once completed, the A9 will allow more people to visit Highland Perthshire and further north on a safer road.

During the disruptive construction phase of the A9, the business needs to expand the direct shopping elements of the operation. The core of mail order fulfilment operations has moved from the main site to Ballinluig, which will aid the progression to a multi-​season mail order business. There is already a requirement for further expansion of the distribution site. The company has worked closely with Perth and Kinross council to secure the necessary permissions to permit the future development in a timely fashion.

With the development of electric vehicles, there are plans to create a charging hub at Bruar, which will incorporate chargers of various speeds. The main barrier to entry establishing this charging is the lack of capacity in the network and the extreme costs to improve the network. Improvements in solar power and battery storage is the likely answer to this issue.

MARK BIRKBECK & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
- 3 -

Section 172 of the Companies Act 2006

The Directors of the Company must act in accordance with a set of personal duties. These duties are detailed in s172 of the UK Companies Act 2006 summarised as follows:

A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

• the likely consequences of any decision in the long term,

• the interests of the company's employees,

• the need to foster the company's business relationships with suppliers, customers and others,

• the impact of the company's operations on the community and the environment,

• the desirability of the company maintaining a reputation for high standards of business conduct, and

• the need to act fairly as between members of the company.

The longevity of employment for members of staff and internal promotion is a key policy of the business as proven by the fact that at 31 January 2025, all members the senior management team have been associated with the company for more than six years and some since the company was established.

The company has ensured that the staff are trained to a level, which provides excellent service to customers and guests.

The ambition of long term relationships continues throughout all aspects of the business. Whilst this is an obvious statement for the relationship with customers, it is also true for suppliers and sub contractors. The House of Bruar is very proud of the fact that several suppliers have been with the company since the inception 30 years ago.

With the development of electric vehicles, there are plans to create a charging hub at Bruar, which will incorporate chargers of various speeds. The main barrier to entry establishing this charging is the lack of capacity in the network and the extreme costs to improve the network.

On behalf of the board

Mr P M Birkbeck
Director
29 January 2026
MARK BIRKBECK & SONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 JANUARY 2025
- 4 -

The directors present their annual report and financial statements for the year ended 29 January 2025.

Principal activities

The principal activity of the company continued to be that of a holding company.

The principal activities of the company's subsidiaries during the year were high quality retailing and property development.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £620,317. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P M Birkbeck
Mr T Birkbeck
Mr G C Meikle
Mrs L K Meikle
Financial instruments

Details of the group's financial risk management objectives and policies are included in note 25 to the financial statements.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The SECR regulations introduced in April 2019 is designed to increase internal awareness of energy usage and cost, drive adoption of energy efficiency measures, standardise external reporting, provide greater transparency for stakeholders on energy efficiency and emissions. Mark Birkbeck & Sons Group embraces these regulations and have made some important steps to help reduce the company’s energy efficiency and emissions.

MARK BIRKBECK & SONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
- 5 -
2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
449,619
412,214
- Electricity purchased
2,099,235
2,085,406
- Fuel consumed for transport
314,419
276,376
2,863,273
2,773,996
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
96.27
86.56
- Fuel consumed for owned transport
78.83
68.50
175.10
155.06
Scope 2 - indirect emissions
- Electricity purchased
434.65
431.83
Total gross emissions
609.75
586.89
Intensity ratio
Tonnes CO2e per turnover [£m's]
11.60
15.05
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government’s Conversion Factors for Company Reporting

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in tonnes of CO2e per £1m of turnover,

Measures taken to improve energy efficiency

The group is investigating the feasibility of utilising renewable energy sources to complement our energy usage. Additionally replacing company fleet with electric vehicles and the installation of electric car charging points.

MARK BIRKBECK & SONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
- 6 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, 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;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future outlook.

On behalf of the board
Mr P M Birkbeck
Director
29 January 2026
MARK BIRKBECK & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MARK BIRKBECK & SONS LIMITED
- 7 -
Opinion

We have audited the financial statements of Mark Birkbeck & Sons Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 January 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 29 January 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 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

MARK BIRKBECK & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARK BIRKBECK & SONS LIMITED
- 8 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

MARK BIRKBECK & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MARK BIRKBECK & SONS LIMITED
- 9 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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.

Susanna Cassey (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Fleet House
New Road
Lancaster
LA1 1EZ
29 January 2026
MARK BIRKBECK & SONS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 JANUARY 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
51,188,964
44,759,596
Cost of sales
(31,112,698)
(27,366,957)
Gross profit
20,076,266
17,392,639
Administrative expenses
(17,705,259)
(15,529,388)
Other operating income
199,521
257,594
Operating profit
4
2,570,528
2,120,845
Interest receivable and similar income
7
127,621
71,150
Interest payable and similar expenses
8
(113,490)
(73,103)
Fair value gains and losses on investment properties
13
395,381
(2,286,690)
Profit/(loss) before taxation
2,980,040
(167,798)
Tax on profit/(loss)
9
(1,439,638)
(436,189)
Profit/(loss) for the financial year
25
1,540,402
(603,987)
Profit/(loss) for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
MARK BIRKBECK & SONS LIMITED
GROUP BALANCE SHEET
AS AT
29 JANUARY 2025
29 January 2025
- 11 -
29 January 2025
31 January 2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
7,544,927
8,599,955
Negative goodwill
11
(112,313)
(112,313)
Net goodwill
7,432,614
8,487,642
Other intangible assets
11
367,785
500,029
Total intangible assets
7,800,399
8,987,671
Tangible assets
12
16,910,178
14,445,540
Investment property
13
3,621,438
7,951,387
28,332,015
31,384,598
Current assets
Stocks
16
10,193,595
10,639,292
Debtors
17
7,107,278
4,536,500
Cash at bank and in hand
10,308,316
3,579,479
27,609,189
18,755,271
Creditors: amounts falling due within one year
18
(9,978,750)
(4,628,938)
Net current assets
17,630,439
14,126,333
Total assets less current liabilities
45,962,454
45,510,931
Creditors: amounts falling due after more than one year
19
-
(1,013,513)
Provisions for liabilities
Deferred tax liability
21
1,319,392
774,441
(1,319,392)
(774,441)
Net assets
44,643,062
43,722,977
Capital and reserves
Called up share capital
23
1,428
1,428
Share premium account
25
2,000,000
2,000,000
Revaluation reserve
25
1,432,668
1,482,284
Non-distributable profits reserve
2,060,687
907,624
Distributable profit and loss reserves
25
39,148,279
39,331,641
Total equity
44,643,062
43,722,977
MARK BIRKBECK & SONS LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
29 JANUARY 2025
29 January 2025
- 12 -
The financial statements were approved by the board of directors and authorised for issue on 29 January 2026 and are signed on its behalf by:
29 January 2026
Mr P M Birkbeck
Director
Company registration number SC419949 (Scotland)
MARK BIRKBECK & SONS LIMITED
COMPANY BALANCE SHEET
AS AT 29 JANUARY 2025
29 January 2025
- 13 -
29 January 2025
31 January 2024
Notes
£
£
£
£
Fixed assets
Investments
14
42,700,000
42,700,000
42,700,000
42,700,000
Current assets
Debtors
17
5,526,776
3,728,344
Cash at bank and in hand
20,352
30,614
5,547,128
3,758,958
Creditors: amounts falling due within one year
18
(1,629,533)
(537,332)
Net current assets
3,917,595
3,221,626
Total assets less current liabilities
46,617,595
45,921,626
Creditors: amounts falling due after more than one year
19
-
(1,013,513)
Net assets
46,617,595
44,908,113
Capital and reserves
Called up share capital
23
1,428
1,428
Share premium account
25
2,000,000
2,000,000
Distributable profit and loss reserves
25
44,616,167
42,906,685
Total equity
46,617,595
44,908,113

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £2,329,799 (2024: £1,699,239 profit).

The financial statements were approved by the board of directors and authorised for issue on 29 January 2026 and are signed on its behalf by:
29 January 2026
Mr P M Birkbeck
Director
Company registration number SC419949 (Scotland)
MARK BIRKBECK & SONS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 JANUARY 2025
- 14 -
Share capital
Share premium account
Revaluation reserve
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 February 2023
1,428
2,000,000
1,531,900
2,762,894
38,663,651
44,959,873
Year ended 31 January 2024:
Loss and total comprehensive income
-
-
-
(1,855,270)
1,251,283
(603,987)
Dividends
10
-
-
-
-
(632,909)
(632,909)
Other movements
-
-
(49,616)
-
49,616
-
Balance at 31 January 2024
1,428
2,000,000
1,482,284
907,624
39,331,641
43,722,977
Year ended 29 January 2025:
Profit and total comprehensive income
-
-
-
(6,970)
1,547,372
1,540,402
Dividends
10
-
-
-
-
(620,317)
(620,317)
Transfers
-
-
-
1,160,033
(1,160,033)
-
Other movements
-
-
(49,616)
-
49,616
-
Balance at 29 January 2025
1,428
2,000,000
1,432,668
2,060,687
39,148,279
44,643,062
MARK BIRKBECK & SONS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 JANUARY 2025
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2023
1,428
2,000,000
41,840,355
43,841,783
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
-
1,699,239
1,699,239
Dividends
10
-
-
(632,909)
(632,909)
Balance at 31 January 2024
1,428
2,000,000
42,906,685
44,908,113
Year ended 29 January 2025:
Profit and total comprehensive income
-
-
2,329,799
2,329,799
Dividends
10
-
-
(620,317)
(620,317)
Balance at 29 January 2025
1,428
2,000,000
44,616,167
46,617,595
MARK BIRKBECK & SONS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 JANUARY 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
6,910,344
3,008,036
Interest paid
(113,490)
(73,103)
Income taxes paid
(432,924)
(805,787)
Net cash inflow from operating activities
6,363,930
2,129,146
Investing activities
Purchase of intangible assets
(140,046)
(310,473)
Purchase of tangible fixed assets
(3,487,107)
(935,021)
Proceeds from disposal of tangible fixed assets
7,000
2,083
Proceeds from disposal of investment property
4,725,330
-
Interest received
127,621
71,150
Net cash generated from/(used in) investing activities
1,232,798
(1,172,261)
Financing activities
Repayment of debentures
633
(441,929)
Repayment of bank loans
(248,207)
(244,166)
Dividends paid to equity shareholders
(620,317)
(632,909)
Net cash used in financing activities
(867,891)
(1,319,004)
Net increase/(decrease) in cash and cash equivalents
6,728,837
(362,119)
Cash and cash equivalents at beginning of year
3,579,479
3,941,598
Cash and cash equivalents at end of year
10,308,316
3,579,479
MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JANUARY 2025
- 17 -
1
Accounting policies
Company information

Mark Birkbeck & Sons Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is The House of Bruar, by Blair Atholl, Pitlochry, Perthshire, United Kingdom, PH18 5TW.

The group consists of Mark Birkbeck & Sons Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the holding of previously revalued freehold property at deemed cost and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;

- Section 26 ‘Share based Payment’: Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
1
Accounting policies
(Continued)
- 18 -
1.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated group financial statements consist of the financial statements of the parent company Mark Birkbeck & Sons Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 29 January 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.3
Going concern

The directors have prepared financial forecasts which demonstrate the future viability of the business and that there are sufficient funds available to enable the company to meet its debts as they fall due. Therefore in the opinion of the directors the financial statements should be prepared on a going concern basis.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
1
Accounting policies
(Continued)
- 19 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years. The current rate of amortisation is considered appropriate by the directors given the profitability and reputation of the subsidiary company to which it relates.

The negative goodwill arising on acquisition is not amortised to the profit and loss and is held at cost until the investment property to which it relates is sold.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Other intangible assets
5-33% straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Leasehold improvements
over the term of the lease
Fixtures and fittings
10-15% straight line
Computers
33% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Freehold land is not depreciated.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
1
Accounting policies
(Continued)
- 20 -
1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses are recognised in the profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
1
Accounting policies
(Continued)
- 21 -

Cost is calculated using the weighted average method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors 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 m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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 estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

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 current 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 group transfers the financial asset and substantially 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 third 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 group after deducting all of its liabilities.

MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
1
Accounting policies
(Continued)
- 22 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
1
Accounting policies
(Continued)
- 23 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
- 24 -
2
Judgements and key sources of estimation uncertainty

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 considered to be 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 estimate 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Fair value of investment property

Investment property is measured at fair value at each reporting date, this is based post year end sales prices, sale prices of similar properties and the directors opinion on movement from these up until the reporting date. Included in the fair value movement is any differences in relation to foreign currency translations.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are assessed annually. There have been no changes to assumptions made in previous years.

Stock

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. The group estimates the net realisable value of stock based on an assessment of expected retail prices and the ageing of stock. Stock is reviewed on a regular basis and the group will make provisions or allowances for excess or obsolete stock and write down stock to net realisable value when deemed necessary. Stock of £10,193,595 (2024: £10,639,292) is stated after a provision of £160,000 (2024: £100,000).

Amortisation and impairment of goodwill

FRS 102 requires goodwill to be amortised over its reliably estimated useful economic life. Management consider this to be a period of 20 years. Management also assess whether there are any indicators of impairment in considering the carrying value of goodwill.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Retail
51,188,964
44,759,596
MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
3
Turnover and other revenue
(Continued)
- 25 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
45,292,128
42,094,907
Rest of EU
1,024,966
674,422
Rest of world
4,871,870
1,990,267
51,188,964
44,759,596
2025
2024
£
£
Other revenue
Interest income
127,621
71,150
Commissions received
184,199
181,185
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(248,401)
(60,894)
Depreciation of owned tangible fixed assets
1,017,969
943,112
Profit on disposal of tangible fixed assets
(2,500)
(2,083)
Amortisation of intangible assets
1,327,318
1,230,852
Operating lease charges
440,837
386,869
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,500
6,500
Audit of the financial statements of the company's subsidiaries
28,180
25,000
34,680
31,500
For other services
Taxation compliance services
5,310
4,560
Other taxation services
615
490
All other non-audit services
39,200
35,800
45,125
40,850
MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
- 26 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Sales
213
176
-
-
Administrative
61
70
-
-
Warehouse
60
52
-
-
Total
334
298
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
8,256,992
7,220,387
-
0
-
0
Social security costs
669,001
570,912
-
-
Pension costs
125,914
106,756
-
0
-
0
9,051,907
7,898,055
-
0
-
0
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
37,555
-
0
Other interest income
90,066
71,150
Total income
127,621
71,150
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
110,732
60,673
Other interest on financial liabilities
235
12,380
Other interest
2,523
50
Total finance costs
113,490
73,103
MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
- 27 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
894,687
830,923
Adjustments in respect of prior periods
-
0
(3,844)
UK income tax
-
4,401
Total current tax
894,687
831,480
Deferred tax
Origination and reversal of timing differences
544,951
(395,291)
Total tax charge
1,439,638
436,189

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit/(loss) before taxation
2,980,040
(167,798)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.03%)
745,010
(40,322)
Tax effect of expenses that are not deductible in determining taxable profit
(125)
4,513
Unutilised tax losses carried forward
4,685
17,182
Effect of change in corporation tax rate
-
1,402
Permanent capital allowances in excess of depreciation
(656)
-
0
Depreciation on assets not qualifying for tax allowances
79,407
82,622
Amortisation on assets not qualifying for tax allowances
331,830
253,523
Effect of revaluations of investments
402,352
(431,420)
Tax at marginal rate
(1,332)
-
0
Effect of superdeduction
-
0
(803)
Fair value adjustment
(121,533)
549,492
Taxation charge
1,439,638
436,189
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
620,317
632,909
MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
- 28 -
11
Intangible fixed assets
Group
Goodwill
Negative goodwill
Other intangible assets
Total
£
£
£
£
Cost
At 1 February 2024
21,100,561
(112,313)
1,613,879
22,602,127
Additions
-
0
-
0
140,046
140,046
At 29 January 2025
21,100,561
(112,313)
1,753,925
22,742,173
Amortisation and impairment
At 1 February 2024
12,500,606
-
0
1,113,850
13,614,456
Amortisation charged for the year
1,055,028
-
0
272,290
1,327,318
At 29 January 2025
13,555,634
-
0
1,386,140
14,941,774
Carrying amount
At 29 January 2025
7,544,927
(112,313)
367,785
7,800,399
At 31 January 2024
8,599,955
(112,313)
500,029
8,987,671
The company had no intangible fixed assets at 29 January 2025 or 31 January 2024.

The amortisation charge of £1,327,318 (2024: £1,230,852) is included in administrative expenses in the profit and loss.

The goodwill arose on the acquisition of 100% of the share capital of The House of Bruar Limited on 6 April 2012. The goodwill is being amortised over 20 years to 6 April 2032.

MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
- 29 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 February 2024
15,189,340
1,276,794
4,601,447
1,269,887
242,962
22,580,430
Additions
2,774,127
-
0
328,978
283,887
100,115
3,487,107
Disposals
-
0
-
0
(10,000)
-
0
(7,716)
(17,716)
At 29 January 2025
17,963,467
1,276,794
4,920,425
1,553,774
335,361
26,049,821
Depreciation and impairment
At 1 February 2024
3,107,337
468,338
3,379,587
1,001,416
178,212
8,134,890
Depreciation charged in the year
373,125
48,617
337,531
197,280
61,416
1,017,969
Eliminated in respect of disposals
-
0
-
0
(5,500)
-
0
(7,716)
(13,216)
At 29 January 2025
3,480,462
516,955
3,711,618
1,198,696
231,912
9,139,643
Carrying amount
At 29 January 2025
14,483,005
759,839
1,208,807
355,078
103,449
16,910,178
At 31 January 2024
12,082,003
808,456
1,221,860
268,471
64,750
14,445,540
The company had no tangible fixed assets at 29 January 2025 or 31 January 2024.

Land and buildings were revalued at the date of transition to FRS 102 based on a valuation by DTZ Debenham Tie Leung Limited, independent valuers not connected with the company, on an open market value for existing use basis. The valuation conforms to International Valuation Standard and was based on recent market transactions on arm's length terms for similar properties.

The carrying amount of the assets pledged as security against the bank loan is £14,582,237 (2024: £12,082,003).

If the land and buildings held at deemed cost were stated on a historical cost basis rather than a deemed cost basis, the total amounts included would have been as follows:

Carrying value: £13,215,652 (2024: £10,665,802), being cost of £17,689,015 (2024: £14,914,888) and depreciation of £4,473,363 (2024: £4,294,086).

MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
- 30 -
13
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 February 2024 and 29 January 2025
7,951,387
-
Disposals
(4,725,330)
-
Net gains or losses through fair value adjustments
395,381
-
At 29 January 2025
3,621,438
-

The directors' have evaluated the investment property valuations during the year and based on the selling prices of similar properties and post year end sales of properties, the directors consider an increase in valuation of £395,381 to be appropriate.

The increase in fair value of £395,381 (2024: £2,286,690 decrease) is recognised in the profit and loss account. Of this fair value increase £395,381 (2024: £2,286,690 decrease) has been recognised in non distributable reserves.

Included in the fair value movement is a decrease of £2,702 (2024: £342,529 decrease) in relation to foreign currency translation which is recognised in the profit and loss account and recognised in non-distributable reserves.

14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
42,700,000
42,700,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2024 and 29 January 2025
42,700,000
Carrying amount
At 29 January 2025
42,700,000
At 31 January 2024
42,700,000
15
Subsidiaries

Details of the company's subsidiaries at 29 January 2025 are as follows:

MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
15
Subsidiaries
(Continued)
- 31 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
M & L Birkbeck Property Limited
England & Wales
Property development
Ordinary
100.00
The House of Bruar Limited
Scotland
High quality retailing
Ordinary
100.00

The registered office of The House of Bruar is The House of Bruar, by Blair Atholl, Pitlochry, Perthshire, PH18 5TW.

The registered office of M & L Birkbeck Property Limited is Fleet House, New Road, Lancaster, Lancashire, LA1 1EZ.

16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
10,193,595
10,639,292
-
0
-
0
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,136,557
423,201
-
0
-
0
Corporation tax recoverable
-
0
46,155
-
0
-
0
Amounts owed by group undertakings
-
-
445,446
445,446
Other debtors
5,679,517
3,784,963
5,081,330
3,282,898
Prepayments and accrued income
291,204
282,181
-
0
-
0
7,107,278
4,536,500
5,526,776
3,728,344
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Debenture loans
20
9,605
8,972
9,605
8,972
Bank loans
20
1,013,513
248,207
1,013,513
248,207
Trade creditors
2,312,810
1,055,978
-
0
-
0
Corporation tax payable
417,132
1,524
7,171
-
0
Other taxation and social security
2,847,238
1,786,487
126,232
128,608
Other creditors
1,404,409
406,227
462,902
141,435
Accruals and deferred income
1,974,043
1,121,543
10,110
10,110
9,978,750
4,628,938
1,629,533
537,332
MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
- 32 -
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
-
0
1,013,513
-
0
1,013,513
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Debenture loans
9,605
8,972
9,605
8,972
Bank loans
1,013,513
1,261,720
1,013,513
1,261,720
1,023,118
1,270,692
1,023,118
1,270,692
Payable within one year
1,023,118
257,179
1,023,118
257,179
Payable after one year
-
0
1,013,513
-
0
1,013,513

Bank loans amounting to £1,013,513 (2024: £1,261,720) are secured by fixed and floating charges over the assets of the company and The House of Bruar Limited, fixed charges over the the freehold land and buildings of The House of Bruar and also a cross-guarantee from The House of Bruar Limited.

Loan notes are unsecured and repayable to shareholders and related parties in line with the repayment schedule. The group pays 4% interest on the loan notes.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
761,695
594,651
Tax losses
-
(28,343)
Investment property
610,485
208,133
Short term timing differences
(52,788)
-
1,319,392
774,441
The company has no deferred tax assets or liabilities.
MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
21
Deferred taxation
(Continued)
- 33 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 February 2024
774,441
-
Charge to profit or loss
544,951
-
Liability at 29 January 2025
1,319,392
-
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
125,914
106,756

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary Shares of 10p each
7,137
7,137
713
713
B Ordinary Shares of 10p each
2,255
2,255
226
226
F Ordinary Shares of 10p each
2,255
2,255
226
226
D Ordinary Shares of 10p each
2,607
2,607
261
261
E Ordinary Shares of 10p each
10
10
1
1
C Ordinary Shares of 10p each
10
10
1
1
14,274
14,274
1,428
1,428

The different classes of shares rank pari passu in respect of voting rights and in the event of winding up.

With respect to dividends, the shares participate in a distribution to such extent as the directors determine or recommend.

MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
- 34 -
24
Financial risk management objectives and policies

The group holds or issues financial instruments in order to achieve three main objectives, being:

(a) to finance its operations;

(b) to manage its exposure to interest and currency risks arising from its operations and from its sources of finance; and

(c) for trading purposes.

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the group's operations.

Transactions in financial instruments result in the group assuming or transferring to another party one or more of the financial risks described below.

Credit risk

The group has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring that the group has sufficient liquid resources to meet the operating needs of the business.

Currency risk

The group's principal foreign currency exposures arise via:

(a) Purchasing goods from overseas companies. The group seeks to invoice and be invoiced in its principal trading currency wherever possible so as to minimise its exposure to foreign currency movements.

(b) Bank accounts held in foreign currencies. The group has engaged in forward positions to minimise risk exposure.

25
Reserves
Share premium

The share premium account represents any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Revaluation reserve

Revaluation reserve represents the accumulated revaluation gains on freehold land and buildings held by the group.

Profit and loss reserves

Profit and loss reserves represent accumulated comprehensive income for the year and prior periods net of equity dividends paid.

Non-distributable profit and loss account

Non-distributable profit and loss account represents the accumulated fair value gains on investment property held by the group.

MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
- 35 -
26
Commitments

Rent is payable to the Bruar Trust each year calculated at £1,300 plus 1.5% of turnover of certain departments of the business, subject to a minimum rental payment of £35,000 per annum. Rent paid in the year ended 31 January 2025 amounted to £387,630 (2024: £385,043).

The group had several commitments to sell a total of €1,430,000 at agreed rates between February and May 2025.

27
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Company
Entities over which the company has control, joint control or significant influence
445,446
445,446
Other information

The company has taken advantage of the exemption contained in Financial Reporting Standard 102 and has therefore not disclosed transactions entered into between two or more members a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned member of that group.

During the year the group charged rent amounting to £Nil (2024: £2,046) to a director.

During the year the group and company paid dividends amounting to £321,631 (2024: £315,368) to directors.

During the year the group and company received interest amounting to £34,386 (2024: £28,398) from directors. Interest was charged at a rate of 4%. During the year the group and company advanced £876,971 to directors and was repaid £315,567.

At the balance sheet date the group and company owed £1,872,747 (2024: £1,273,357) to directors of the company.

During the year the group and company continued to borrow funds from shareholders totalling £9,605 (2024: £8,972) at the balance sheet date. Interest was charged on these loans to the group and company totalling £235 (2024: £7,627) . During the year the group and company paid dividends amounting to £298,686 (2024: £317,341) to shareholders.

During the year the group and company continued to loan funds to shareholders. During the year the group received interest amounting to £19,691 (2024: £5,768) and company received interest amounting to £14,741 (2024: £927) from shareholders. At the balance sheet date the group was owed £1,397,813 (2024: 646,298) from shareholders and the company was owed £1,130,741 (2024: £426,300)

During the year the group and company loaned funds to other related parties. During the year the group received interest amounting to £21,316 (2024: £21,415) from other related parties and the company received interest amounting to £18,064 (2024: £18,235) from other related parties. At the balance sheet date the group was owed £971,996 (2024: £901,133) from other related parties. At the balance sheet date the company was owed £813,696(2024: £756,616) from other related parties.

During the year the group paid remuneration of £30,130 (2024: £30,000) to other related parties.

MARK BIRKBECK & SONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JANUARY 2025
- 36 -
28
Controlling party

The ultimate controlling party in the current and previous year is Mr M N T Birkbeck by virtue of his majority shareholding.

29
Cash generated from group operations
2025
2024
£
£
Profit/(loss) after taxation
1,540,402
(603,987)
Adjustments for:
Taxation charged
1,439,638
436,189
Finance costs
113,490
73,103
Investment income
(127,621)
(71,150)
Gain on disposal of tangible fixed assets
(2,500)
(2,083)
Fair value (gain)/loss on investment properties
(395,381)
2,286,690
Amortisation and impairment of intangible assets
1,327,318
1,230,852
Depreciation and impairment of tangible fixed assets
1,017,969
943,112
Movements in working capital:
Decrease/(increase) in stocks
445,697
(1,453,652)
Increase in debtors
(2,616,933)
(263,576)
Increase in creditors
4,168,265
432,538
Cash generated from operations
6,910,344
3,008,036
30
Analysis of changes in net funds - group
1 February 2024
Cash flows
29 January 2025
£
£
£
Cash at bank and in hand
3,579,479
6,728,837
10,308,316
Borrowings excluding overdrafts
(1,270,692)
247,574
(1,023,118)
2,308,787
6,976,411
9,285,198
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