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Company Registration Number 08855980
| CONSERVATORY OUTLET GROUP LIMITED |
| ANNUAL REPORT AND FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2025 |
CONSERVATORY OUTLET GROUP LIMITED CONTENTS
| Page
Company Information | 1
Strategic Report | 2
Directors' Report | 3
Directors' Responsibilities Statement | 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Statement of Financial Position | 10
Statement of Changes in Equity | 11
Notes to the Financial Statements | 12 - 19
CONSERVATORY OUTLET GROUP LIMITED COMPANY INFORMATION
Directors | M A Giscombe
| G Kane
| S L Van Haazel
Registered number | 08855980
Registered office | The Cutting Room
| Thornes Lane Wharf
| Wakefield
| West Yorkshire
| WF1 5RL
Independent auditors | Armstrong Watson Audit Limited
| Chartered Accountants & Statutory Auditors
| Third Floor
| 10 South Parade
| Leeds
| West Yorkshire
| LS1 5QS
Bankers | HSBC UK Bank PLC
| 33 Park Row
| Leeds
| LS1 1LD
Page 1
CONSERVATORY OUTLET GROUP LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The directors present their strategic report for the year ended 31 August 2025.
Business review
The principal activity of Conservatory Outlet Group Limited is that of a holding company. The customer is at the heart of every ongoing activity and the Group’s main aim is to add value to its customers at every interaction. Customers of Conservatory Outlet Limited are provided with sales and marketing support, including effective marketing materials, lead generation, showroom design tools and market analysis. This value-added service helps the Group to remain resilient in challenging market conditions. The Group continues to work on a number of digital solutions designed to improve efficiencies and enhance the customer journey.
Principal risks and uncertainties
The Board is responsible for the Group’s risk management and for ensuring that robust processes are in place to identify, manage and report risks that threaten the business objectives of the Group. These include Financial, Operational and Regulatory compliance risks. The principal features of the Group’s risk management regime are: ∙A strong control environment. This is founded on an appropriate organisational structure for planning, executing, controlling and monitoring business operations. It includes clearly defined responsibilities and accountabilities, particularly risk management. ∙Documented control procedures. These include budgetary systems and management controls to manage financial risks, timely and accurate management information in respect of key performance measures, and procedures to ensure complete and accurate accounting, which is regularly reviewed by the Board. ∙The board exercises oversight of the strategic risks that face the business on a continuous basis. The principal risks and uncertainties are as follows: °Brand reputation - the Conservatory Outlet brand has significant commercial value. The Board regularly monitors customer satisfaction levels and invests significant resource into ongoing research and development. °Safety - every product in the range is strenuously tested up to and beyond the Health and safety standards, and other applicable regulations, and where necessary they are tested and certified as complying with impact loadings stated in relevant Britain, European and ISO standards. The majority of products are also independently tested by an external third party.
Financial key performance indicators
Management use a range of performance indicators to monitor and manage the business. These are less relevant for Conservatory Outlet Group Limited as its main aim is to support the wider group in its activities. This report was approved by the board and signed on its behalf.
G Kane Director
Date: 26 March 2026
Page 2
CONSERVATORY OUTLET GROUP LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The directors present their report and the financial statements for the year ended 31 August 2025.
Results and dividends
The loss for the year, after taxation, amounted to £309,373 (2024 - £449,865). No interim dividends were paid during the year (2024 - £Nil). The directors do not recommend payment of a final dividend (2024 - £Nil).
Directors
The directors who served during the year were:
M A Giscombe
G Kane
S L Van Haazel
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
Under section 487(2) of the Companies Act 2006, Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board and signed on its behalf.
G Kane Director
Date: 26 March 2026
Page 3
CONSERVATORY OUTLET GROUP LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025 The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4
CONSERVATORY OUTLET GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONSERVATORY OUTLET GROUP LIMITED
Opinion
We have audited the financial statements of Conservatory Outlet Group Limited (the 'Company') for the year ended 31 August 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 August 2025 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. Page 5
CONSERVATORY OUTLET GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONSERVATORY OUTLET GROUP LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
CONSERVATORY OUTLET GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONSERVATORY OUTLET GROUP LIMITED (CONTINUED)
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 an Auditors' 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙We obtained an understanding of laws and regulations that affect the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws and regulations that we identified included the UK Companies Act and tax legislation. ∙We enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with relevant laws and regulations. We also reviewed controls the directors have in place to ensure compliance. ∙We gained an understanding of the controls that the directors have in place to prevent and detect fraud. We enquired of the directors about any incidences of fraud that had taken place during the accounting period. ∙The risk of fraud and non-compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the following area: management override of controls. ∙We reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above. ∙We enquired of the directors about actual and potential litigation and claims. ∙We performed analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud. ∙In addressing the risk of fraud due to management override of internal controls we tested the appropriateness of journal entries and assessed 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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 7
CONSERVATORY OUTLET GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONSERVATORY OUTLET GROUP LIMITED (CONTINUED)
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 Auditors' 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. Matthew Osbourne (Senior Statutory Auditor) for and on behalf of Armstrong Watson Audit Limited Chartered Accountants & Statutory Auditors Leeds 26 March 2026 Page 8
CONSERVATORY OUTLET GROUP LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2025
| 2025 | 2024
Note | £ | £
Administrative expenses |  | (9,226) | (28,992)
Operating loss |  | (9,226) | (28,992)
Interest payable and similar expenses | 6 | (300,147) | (420,873)
Loss before taxation |  | (309,373) | (449,865)
Loss for the financial year |  | (309,373) | (449,865)
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 19 form part of these financial statements.
Page 9
CONSERVATORY OUTLET GROUP LIMITED REGISTERED NUMBER: 08855980 STATEMENT OF FINANCIAL POSITION AS AT 31 AUGUST 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 8 |  | 10,073,538 |  | 10,073,538
|  |  | 10,073,538 |  | 10,073,538
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 9 | 65,241 |  | 40,409 |
Cash at bank and in hand | 10 | 14,116 |  | 14,397 |
|  | 79,357 |  | 54,806 |
Creditors: amounts falling due within one year | 11 | (14,303,937) |  | (12,625,012) |
Net current liabilities |  |  | (14,224,580) |  | (12,570,206)
Total assets less current liabilities |  |  | (4,151,042) |  | (2,496,668)
Creditors: amounts falling due after more than one year | 12 |  | (1,273,333) |  | (2,618,334)
Net liabilities |  |  | (5,424,375) |  | (5,115,002)
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | 1,000 |  | 1,000
Share premium account | 15 |  | 1,590,468 |  | 1,590,468
Profit and loss account | 15 |  | (7,015,843) |  | (6,706,470)
|  |  | (5,424,375) |  | (5,115,002)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
G Kane
Director
Date: 26 March 2026
The notes on pages 12 to 19 form part of these financial statements. Page 10
CONSERVATORY OUTLET GROUP LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 AUGUST 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 September 2023 | 1,000 | 1,590,468 | (6,256,605) | (4,665,137)
Loss for the year | - | - | (449,865) | (449,865)
At 1 September 2024 | 1,000 | 1,590,468 | (6,706,470) | (5,115,002)
Loss for the year | - | - | (309,373) | (309,373)
At 31 August 2025 | 1,000 | 1,590,468 | (7,015,843) | (5,424,375)
| The notes on pages 12 to 19 form part of these financial statements.
Page 11
CONSERVATORY OUTLET GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
1. | General information
Conservatory Outlet Group Limited is a private company limited by share capital incorporated in England and Wales. The principal activity of Conservatory Outlet Group Limited is that of a holding company. The functional currency is Pounds Sterling as this is the currency of the primary economic environment in which the company operates. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Conservatory Outlet Holdings Limited as at 31 August 2025 and these financial statements may be obtained from Companies House.
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
| 2.4 | Going concern
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. Page 12
CONSERVATORY OUTLET GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Computer equipment | - | 25% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 13
CONSERVATORY OUTLET GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The critical judgements that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. Assessing indicators of impairment In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. Estimating value in use Where an indication of impairment exists the directors will carry out an impairment review to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flow expected to arise from the asset or cash generating unit and determine a suitable discount rate in order to calculate present value.
4. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 5,250 | 5,000
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
5. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 3 | 3
Page 14
CONSERVATORY OUTLET GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
6. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 300,147 | 420,873
|  | 300,147 | 420,873
7. | Tangible fixed assets
|  | Computer equipment
|  | £
| Cost |
| At 1 September 2024 | 10,029
| At 31 August 2025 | 10,029
| Depreciation |
| At 1 September 2024 | 10,029
| At 31 August 2025 | 10,029
| Net book value |
| At 31 August 2025 | -
| At 31 August 2024 | -
8. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 September 2024 | 10,073,538
| At 31 August 2025 | 10,073,538
Page 15
CONSERVATORY OUTLET GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Principal activity | Class of shares | Holding
| CO Manufacturing Limited (formerly Conservatory Outlet Limited) | The Cutting Room, Thornes Lane Wharf, Wakefield, West Yorkshire WF1 5RL | Manufacture and sale of conservatories | Ordinary | 100%
| Clearview Home Improvements (Holdings) Limited | 5 Peregrine Place, Moss Side, Leyland, Lancaster PR25 3EY | Holding company | Ordinary | 100%
| CO Home Improvements Limited* (formerly Clearview Home Improvements Limited) | 5 Peregrine Place, Moss Side, Leyland, Lancaster PR25 3EY | Installation of windows and conservatories | Ordinary | 100%
| Subsidiaries marked with a * are held indirectly.
9. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,619 | -
| Amounts owed by group undertakings | 54,311 | 13,705
| Other debtors | 9,311 | 26,704
|  | 65,241 | 40,409
10. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 14,116 | 14,397
|  | 14,116 | 14,397
Page 16
CONSERVATORY OUTLET GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
11. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,319,688 | 1,308,437
| Trade creditors | - | 1,955
| Amounts owed to group undertakings | 12,959,799 | 11,271,068
| Accruals and deferred income | 24,450 | 43,552
|  | 14,303,937 | 12,625,012
| Bank loans of £2,593,021 (2024 - £3,926,771) are secured by debenture and an unlimited cross guarantee between Conservatory Outlet Group Limited and its subsidiaries. The debenture includes details of a fixed and floating charge over all assets and undertakings of the group as security.
12. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,273,333 | 2,618,334
|  | 1,273,333 | 2,618,334
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CONSERVATORY OUTLET GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
13. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 1,319,688 | 1,308,437
|  | 1,319,688 | 1,308,437
| Amounts falling due 1-2 years |  |
| Bank loans | 506,666 | 1,345,000
|  | 506,666 | 1,345,000
| Amounts falling due 2-5 years |  |
| Bank loans | 766,667 | 1,273,334
|  | 766,667 | 1,273,334
|  | 2,593,021 | 3,926,771
| Bank loans of £2,593,021 (2024 - £3,926,771) are secured by debenture and an unlimited cross guarantee between Conservatory Outlet Group Limited and its subsidiaries. The debenture includes details of a fixed and floating charge over all assets and undertakings of the group as security.
14. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Authorised, allotted, called up and fully paid |  |
|  | 450,000 (2024 - 450,000) Ordinary A shares of £0.001 each | 450 | 450
|  | 450,000 (2024 - 450,000) Ordinary B shares of £0.001 each | 450 | 450
|  | 50,000 (2024 - 50,000) Ordinary C shares of £0.001 each | 50 | 50
|  | 50,000 (2024 - 50,000) Ordinary D shares of £0.001 each | 50 | 50
|  |  | 1,000 | 1,000
| Ordinary A, Ordinary B, Ordinary C and Ordinary D have full voting and dividend rights.
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CONSERVATORY OUTLET GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
15. | Reserves
Share premium account Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Profit and loss account This reserve represents cumulative profits and losses, less dividends paid.
16. | Contingent liabilities
The Company, its parent company and certain subsidiary companies have given cross-guarantees in relation to bank borrowings. The bank borrowings are secured over the assets of the group.
17. | Related party transactions
| The Company has taken advantage of the exemption in Section 33 of FRS102 "Related Party Disclosures" from disclosing transactions with entities which are part of the Group, since 100% of the voting rights in the Company are controlled within the Group and the Company is included within the Group accounts which are publicly available.
18. | Controlling party
The immediate and ultimate parent undertaking is Conservatory Outlet Holdings Limited. Conservatory Outlet Holdings Limited prepares consolidated financial statements which form the largest and smallest group in which the Company is consolidated. The directors do not consider there to be an ultimate controlling party of Conservatory Outlet Holdings Limited.
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