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REGISTERED NUMBER: 12813442 (England and Wales)

| Group Strategic Report, Report of the Directors and |

| Consolidated Financial Statements |

| for the Year Ended 31 July 2025 |

| for |

| The Bear and The Bird Limited |

| The Bear and The Bird Limited (Registered number: 12813442) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 July 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 5 |

| Consolidated Income Statement | 9 |

| Consolidated Other Comprehensive Income | 10 |

| Consolidated Balance Sheet | 11 |

| Company Balance Sheet | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Financial Statements | 17 |

| The Bear and The Bird Limited |

Company Information

for the Year Ended 31 July 2025

| DIRECTORS: | A Graham

| J C Graham

| L Graham

| D L Murphy

| REGISTERED OFFICE: | 92 Walcot Street

| Bath

| Somerset

| BA1 5BG

| REGISTERED NUMBER: | 12813442 (England and Wales)

| The Bear and The Bird Limited (Registered number: 12813442) |

Group Strategic Report

for the Year Ended 31 July 2025

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

Principal activity

The Group's principal activities are that of retailing of furniture and home furnishings through its website and five stores, three in London, one in Bath and an Outlet attached to our new warehouse in Trowbridge, Wiltshire.

BUSINESS REVIEW AND KEY PERFORMANCE INDICATORS

Our marketplace still appears to be a difficult place to be. We still await to see a proper upturn in fortunes however the last couple of months of the financial year showed some signs of recovery and much needed 'light at the end of the tunnel' signs.

The company's sales fell by 14% however gross margin has improved this year from 45.5% to 47% due to continued improvement on delivery and supply chain costs.

Big ticket items continue to be slow as consumers make more considered purchases waiting for promotions and discounts to gain the best value for money in these difficult times.

PRINCIPAL RISKS AND UNCERTAINTIES

It's still a tough world in Retail.

Interest rates are slowly falling which hopefully will start to be mirrored in consumers mortgage payments allowing more surplus income for those desired home furnishings. We are still waiting for these to drop further however which will improve the marketplace still further.

Inflation appears to be finally under reasonable control too so costs should remain reasonably constant. One cannot take their eye off the ball however as things can change at any moment especially in this topsy-turvy geo-political world we live in at the moment.

FINANCIAL RISK MANAGEMENT

Cash flows are very closely managed and the directors flex where required. Foreign exchange contracts are often used to control and mitigate financial risk when prudent to do so. We do not give credit to our Trade Customers so our credit risk is nil. We use cash deposits to earn the highest interest possible but with a reasonable timely access if that ever proved necessary.

FUTURE DEVELOPMENTS

Our Operations are reviewed on a regular basis to make sure we are as efficient and cost effective as possible but never allowing our mission of given an exemplary service to our customers to be affected.

Overheads are closely controlled and monitored as a KPI to our sales and these remain constant. Our ranges are always added to making sure we stay inviting to out customer. We are into the discovery phase of updating our IT system to be completed by early 2027.

ON BEHALF OF THE BOARD:

D L Murphy - Director

16 April 2026

| The Bear and The Bird Limited (Registered number: 12813442) |

Report of the Directors

for the Year Ended 31 July 2025

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

PRINCIPAL ACTIVITY

The Group's principal activities are that of retailing of furniture and home furnishings through its website and five stores, three in London, one in Bath and an Outlet attached to our new warehouse in Trowbridge, Wiltshire. The company also have a trade department that sells to hotels and other businesses such as interior design.

DIVIDENDS

The consolidated profit for the period, after taxation amounted to £150,055. The total distribution of dividends for the period ended 31 July 2025 was £63,052.

DIRECTORS

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

A Graham

J C Graham

L Graham

D L Murphy

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

| The Bear and The Bird Limited (Registered number: 12813442) |

Report of the Directors

for the Year Ended 31 July 2025

AUDITORS

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

ON BEHALF OF THE BOARD:

D L Murphy - Director

16 April 2026

Report of the Independent Auditors to the Members of

The Bear and The Bird Limited

Opinion

We have audited the financial statements of The Bear and The Bird Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

The Bear and The Bird Limited

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- | the parent company financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

The Bear and The Bird Limited

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK Financial Reporting Standards and UK taxation legislation.

We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

The Bear and The Bird Limited

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Cunningham (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

Chartered Accountants

Lennox House

3 Pierrepont Street

Bath

Somerset

BA1 1LB

20 April 2026

| The Bear and The Bird Limited (Registered number: 12813442) |

Consolidated

Income Statement

for the Year Ended 31 July 2025

| 2025 |  | 2024

| as | restated |

| Notes | £ | £ |

TURNOVER | 12,680,785 |  | 14,772,730 |  |

Cost of sales | 6,715,149 |  | 8,202,093 |  |

GROSS PROFIT | 5,965,636 |  | 6,570,637 |  |

Administrative expenses | 5,691,599 |  | 6,848,156 |  |

274,037 |  | (277,519 | ) |

Other operating income | 3 | 120,803 |  | - |  |

OPERATING PROFIT/(LOSS) | 5 | 394,840 |  | (277,519 | ) |

Interest receivable and similar income | 43,168 |  | 30,658 |  |

438,008 |  | (246,861 | ) |

Interest payable and similar expenses | 8 | 287,953 |  | 291,141 |  |

PROFIT/(LOSS) BEFORE TAXATION | 150,055 |  | (538,002 | ) |

Tax on profit/(loss) | 9 | - |  | - |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 150,055 |  | (538,002 | ) |

Profit/(loss) attributable to:

Owners of the parent | 150,055 |  | (538,002 | ) |

| The Bear and The Bird Limited (Registered number: 12813442) |

Consolidated

Other Comprehensive Income

for the Year Ended 31 July 2025

| 2025 |  | 2024

| as | restated |

| Notes | £ | £ |

PROFIT/(LOSS) FOR THE YEAR | 150,055 |  | (538,002 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 150,055 |  | (538,002 | ) |

| Note

Prior year adjustment | 12 | (158,157 | ) |

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT | (8,102 | ) |

Total comprehensive income attributable to:

Owners of the parent | (8,102 | ) | (538,002 | ) |

| The Bear and The Bird Limited (Registered number: 12813442) |

Consolidated Balance Sheet

31 July 2025

| 2025 | 2024 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 13 | 103,970 |  | 148,038 |  |

Tangible assets | 14 | 1,003,259 |  | 1,164,373 |  |

Investments | 15 | - |  | - |  |

Investment property | 16 | 7,227,247 |  | 7,135,997 |  |

8,334,476 |  | 8,448,408 |  |

CURRENT ASSETS

Stocks | 17 | 2,897,768 |  | 3,253,241 |  |

Debtors | 18 | 1,664,383 |  | 1,291,052 |  |

Cash at bank and in hand | 1,476,107 |  | 1,244,102 |  |

6,038,258 |  | 5,788,395 |  |

CREDITORS

Amounts falling due within one year | 19 | 2,542,301 |  | 2,517,876 |  |

NET CURRENT ASSETS | 3,495,957 |  | 3,270,519 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,830,433 |  | 11,718,927 |  |

CREDITORS

Amounts falling due after more than one year | 20 | 4,304,715 |  | 4,280,212 |  |

NET ASSETS | 7,525,718 |  | 7,438,715 |  |

CAPITAL AND RESERVES

Called up share capital | 23 | 3,484 |  | 3,484 |  |

Share premium | 24 | 311,348 |  | 311,348 |  |

Retained earnings | 24 | 7,210,886 |  | 7,123,883 |  |

SHAREHOLDERS' FUNDS | 7,525,718 |  | 7,438,715 |  |

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

D L Murphy - Director

| The Bear and The Bird Limited (Registered number: 12813442) |

Company Balance Sheet

31 July 2025

| 2025 | 2024 |

| as restated |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 13 | - |  | - |  |

Tangible assets | 14 | 829,653 |  | 886,218 |  |

Investments | 15 | 3,484 |  | 3,484 |  |

Investment property | 16 | 7,227,247 |  | 7,135,997 |  |

8,060,384 |  | 8,025,699 |  |

CURRENT ASSETS

Debtors | 18 | 107,387 |  | 103,018 |  |

Cash at bank | 36,441 |  | 20,100 |  |

143,828 |  | 123,118 |  |

CREDITORS

Amounts falling due within one year | 19 | 369,048 |  | 338,527 |  |

NET CURRENT LIABILITIES | (225,220 | ) | (215,409 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,835,164 |  | 7,810,290 |  |

CREDITORS

Amounts falling due after more than one year | 20 | 4,092,941 |  | 4,280,212 |  |

NET ASSETS | 3,742,223 |  | 3,530,078 |  |

CAPITAL AND RESERVES

Called up share capital | 23 | 3,484 |  | 3,484 |  |

Retained earnings | 24 | 3,738,739 |  | 3,526,594 |  |

SHAREHOLDERS' FUNDS | 3,742,223 |  | 3,530,078 |  |

Company's profit for the financial year | 275,197 |  | 363,227 |  |

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

D L Murphy - Director

| The Bear and The Bird Limited (Registered number: 12813442) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 July 2025

| Called up |

| share |  | Retained |  | Share |  | Total

| capital |  | earnings |  | premium |  | equity

£ | £ | £ | £ |

Balance at 1 August 2023 | 3,484 |  | 7,806,454 |  | 311,348 |  | 8,121,286 |  |

Changes in equity

Dividends | - |  | (144,569 | ) | - |  | (144,569 | ) |

Total comprehensive income | - |  | (379,845 | ) | - |  | (379,845 | ) |

Balance at 31 July 2024 | 3,484 |  | 7,282,040 |  | 311,348 |  | 7,596,872 |  |

Prior year adjustment | - |  | (158,157 | ) | - |  | (158,157 | ) |

As restated | 3,484 |  | 7,123,883 |  | 311,348 |  | 7,438,715 |  |

Changes in equity

Dividends | - |  | (63,052 | ) | - |  | (63,052 | ) |

Total comprehensive income | - |  | 150,055 |  | - |  | 150,055 |  |

Balance at 31 July 2025 | 3,484 |  | 7,210,886 |  | 311,348 |  | 7,525,718 |  |

| The Bear and The Bird Limited (Registered number: 12813442) |

Company Statement of Changes in Equity

for the Year Ended 31 July 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 August 2023 | 3,484 |  | 3,307,936 |  | 3,311,420 |  |

Changes in equity

Dividends | - |  | (144,569 | ) | (144,569 | ) |

Total comprehensive income | - |  | 363,227 |  | 363,227 |  |

Balance at 31 July 2024 | 3,484 |  | 3,526,594 |  | 3,530,078 |  |

Changes in equity

Dividends | - |  | (63,052 | ) | (63,052 | ) |

Total comprehensive income | - |  | 275,197 |  | 275,197 |  |

Balance at 31 July 2025 | 3,484 |  | 3,738,739 |  | 3,742,223 |  |

| The Bear and The Bird Limited (Registered number: 12813442) |

Consolidated Cash Flow Statement

for the Year Ended 31 July 2025

| 2025 |  | 2024

| as | restated |

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 839,331 |  | 445,705 |  |

Interest paid | (287,953 | ) | (291,141 | ) |

Tax paid | - |  | (563 | ) |

Net cash from operating activities | 551,378 |  | 154,001 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | - |  | (22,800 | ) |

Purchase of tangible fixed assets | (35,328 | ) | (278,087 | ) |

Purchase of investment property | (91,250 | ) | - |  |

Sale of tangible fixed assets | 1,906 |  | - |  |

Interest received | 43,168 |  | 30,658 |  |

Net cash from investing activities | (81,504 | ) | (270,229 | ) |

Cash flows from financing activities

Capital repayments in year | (174,817 | ) | (216,980 | ) |

Equity dividends paid | (63,052 | ) | (144,569 | ) |

Net cash from financing activities | (237,869 | ) | (361,549 | ) |

Increase/(decrease) in cash and cash equivalents | 232,005 |  | (477,777 | ) |

Cash and cash equivalents at beginning of year | 2 | 1,244,102 |  | 1,721,879 |  |

Cash and cash equivalents at end of year | 2 | 1,476,107 |  | 1,244,102 |  |

| The Bear and The Bird Limited (Registered number: 12813442) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 July 2025

1. | RECONCILIATION OF PROFIT/(LOSS) FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

| as | restated |

£ | £ |

| Profit/(loss) for the financial year | 150,055 |  | (538,002 | ) |

| Depreciation charges | 238,604 |  | 246,604 |  |

| Loss on disposal of fixed assets | - |  | 24,292 |  |

| Exceptional item - settlement monies | - |  | (300,000 | ) |

| Finance costs | 287,953 |  | 291,141 |  |

| Finance income | (43,168 | ) | (30,658 | ) |

633,444 |  | (306,623 | ) |

| Decrease in stocks | 355,473 |  | 528,625 |  |

| Increase in trade and other debtors | (373,331 | ) | (39,464 | ) |

| Increase in trade and other creditors | 223,745 |  | 263,167 |  |

| Cash generated from operations | 839,331 |  | 445,705 |  |

2. | CASH AND CASH EQUIVALENTS

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

| Year ended 31 July 2025

| 31.7.25 |  | 1.8.24

£ | £ |

| Cash and cash equivalents | 1,476,107 |  | 1,244,102 |  |

| Year ended 31 July 2024

| 31.7.24 |  | 1.8.23

| as restated |

£ | £ |

| Cash and cash equivalents | 1,244,102 |  | 1,721,879 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.8.24 | Cash flow | At 31.7.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,244,102 |  | 232,005 |  | 1,476,107 |  |

1,244,102 |  | 232,005 |  | 1,476,107 |  |

| Debt

| Finance leases | (45,818 | ) | (226,910 | ) | (272,728 | ) |

| Debts falling due within 1 year | (277,917 | ) | (12,454 | ) | (290,371 | ) |

| Debts falling due after 1 year | (4,280,212 | ) | 187,271 |  | (4,092,941 | ) |

(4,603,947 | ) | (52,093 | ) | (4,656,040 | ) |

| Total | (3,359,845 | ) | 179,912 |  | (3,179,933 | ) |

| The Bear and The Bird Limited (Registered number: 12813442) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 July 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| At the balance sheet date, the group made a profit after tax for the year of £150,055 (2024: loss £538,002), had net current assets at that date of £3,495,957 (2024: £3,270,519) and net assets of £7,525,718 (2024: £7,438,715).

| The Directors believe the group has sufficient cash reserves which will enable it to continue to meet its liabilities as they fall due for at least the next twelve months from the date of approving these financial statements.

| Basis of consolidation

| These financial statements consolidate the results of The Bear and the Bird Limited and its wholly owned subsidiary company, Graham and Green Limited, on a line-by-line basis. No adjustments have been made to achieve uniformity of accounting policies.

| Related party exemption

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

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

| Significant judgements and estimates

| Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

| Stock provision

| This is based on review of year end stock for old, damaged and slow moving stock. A provision is made when the realisable value of items is considered to be lower than the carrying value.

| Provisions

| Provisions are liabilities of uncertain timing or amount and therefore in making a reliable estimate of the value and timing of liabilities judgement is applied and re-evaluated at each reporting date.

| A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cashflows at a pre-tax rate that reflects risk specific to the liability. Provisions that relate to onerous contracts are not discounted.

| The Bear and The Bird Limited (Registered number: 12813442) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents the amounts (excluding Value Added Tax) derived from the provision of goods to customers during the year. Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured.

| Intangible assets

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

| Trademarks are being amortised evenly over their estimated useful life of ten years.

| Website development costs is being amortised evenly over its estimated useful life of five years.

| All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

| 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 costs of assets less their residual value over their estimated useful lives, using the straight-line method.

| The estimated useful lives range as follows:

| Improvements to property |  |  | - 3 - 14 years straight line over the remaining term of the lease |  |

| Fixtures and fittings |  |  | - 3 - 5 years straight line |  |

| Motor vehicles |  |  | - 4 years straight line |  |

| Computer equipment |  |  | - 4 years 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 the Statement of Income and Retained Earnings.

| Investment property

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

| Stocks

| Stocks are stated at the lower of cost and net realisable value, being the estimates selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

| At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

| The Bear and The Bird Limited (Registered number: 12813442) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The group 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.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount which is an approximation of the amount that the Group would receive for the asset if it were to be be sold at the reporting date.

| Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

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

| Deferred tax

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

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

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

| Foreign currencies

| Functional and presentation currency

| The Group's functional and presentational currency is GBP.

| Transactions and balances

| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

| The Bear and The Bird Limited (Registered number: 12813442) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| Operating leases: the company as lessee

| Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

| Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset

| The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 August 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.

| Pensions

| Defined contribution pension plan

| The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

| The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

3. | OTHER OPERATING INCOME

| 2025 |  | 2024

| as | restated |

£ | £ |

| Exceptional items | 120,803 |  | - |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

| as | restated |

£ | £ |

| Wages and salaries | 2,503,191 |  | 2,726,667 |  |

| Social security costs | 204,564 |  | 210,020 |  |

| Other pension costs | 71,317 |  | 81,714 |  |

2,779,072 |  | 3,018,401 |  |

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

| 2025 |  | 2024

| as | restated |

| Average number of employees | 89 |  | 103 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 89 (2024 - 103 ) .

| The Bear and The Bird Limited (Registered number: 12813442) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

4. | EMPLOYEES AND DIRECTORS - continued

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Directors emoluments |  | 297,255 |  |  | 219,558 |  |

| Company contributions to money purchase pension plans |  | 42,840 |  |  | 41,724 |  |

| The highest paid director received remuneration of £105,258 (2024 : £102,511).

| The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £14,202 (2024 : £13,908).

| Retirement benefits were accruing to 3 directors (2024: 3) in respect of defined contribution pension schemes.

5. | OPERATING PROFIT/(LOSS)

| The operating profit (2024 - operating loss) is stated after charging/(crediting):

| 2025 |  | 2024

| as | restated |

£ | £ |

| Hire of plant and machinery | 51,159 |  | 62,730 |  |

| Depreciation - owned assets | 194,536 |  | 200,243 |  |

| Loss on disposal of fixed assets | - |  | 15,006 |  |

| Patents and licences amortisation | 543 |  | 543 |  |

| Computer software amortisation | 43,525 |  | 45,818 |  |

| Foreign exchange differences | 2,476 |  | (7,271 | ) |

6. | AUDITORS' REMUNERATION

|  | Group |  | Company |  |

|  | Year ended |  | Period ended |  | Year ended |  | Period ended |  |

|  | 31.07.25 |  | 31.07.24 |  | 31.07.25 |  | 31.07.24 |  |

| £ |  | £ |  | £ |  | £ |  |

| Audit of the financial statements |  | 17,500 |  | 16,600 |  | 14,500 |  | 13,800 |  |

| For non-audit services |  | 4,515 |  | 4,320 |  | 2,425 |  | 2,325 |  |

7. | EXCEPTIONAL ITEMS

| 2025 |  | 2024

| as | restated |

£ | £ |

| Exceptional items | 120,803 |  | - |  |

| Settlement was reached and signed on 5th December 2025 regarding the on-going dispute on the roof of the former warehouse at Bumpers Farm, Chippenham.

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

| as | restated |

£ | £ |

| Bank interest | 287,953 |  | 291,141 |  |

| The Bear and The Bird Limited (Registered number: 12813442) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

9. | TAXATION

| Analysis of the tax charge

| No liability to UK corporation tax arose for the year ended 31 July 2025 nor for the year ended 31 July 2024.

| Reconciliation of total tax charge included in profit and loss

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

| 2025 |  | 2024

| as | restated |

£ | £ |

| Profit/(loss) before tax | 150,055 |  | (538,002 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 37,514 |  | (134,501 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 7,359 |  | - |  |

| Depreciation in excess of capital allowances | 37,842 |  | 26,906 |  |

| capital allowances |

| Other | - |  | 2,617 |  |

| Prior year adjustment | - |  | 39,540 |  |

| Loss carried forward | - |  | 65,438 |  |

| Utilisation of b/fwd losses | (82,715 | ) | - |  |

| Total tax charge | - |  | - |  |

10. | INDIVIDUAL INCOME STATEMENT

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

11. | DIVIDENDS

| 2025 |  | 2024

| as | restated |

£ | £ |

| Ordinary shares of 1 each

| Interim | 63,052 |  | 144,569 |  |

12. | PRIOR YEAR ADJUSTMENT

| Following a thorough review of stock values held and the amounts maintained on the financial system of Graham and Green Limited, a discrepancy was identified on stock held for events. As a result, stock recorded on the balance sheet as at 31 July 2024 was overstated by £158,157. The resulting adjustment has seen stock reduced by this amount and the loss before tax for the year ended 31 July 2024 increasing from £473,503 as previously reported to £631,660.

| The Bear and The Bird Limited (Registered number: 12813442) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

13. | INTANGIBLE FIXED ASSETS

| Group

| Patents |

| and |  | Computer |

| licences |  | software |  | Totals

£ | £ | £ |

| COST

| At 1 August 2024

| and 31 July 2025 | 8,573 |  | 411,485 |  | 420,058 |  |

| AMORTISATION

| At 1 August 2024 | 5,016 |  | 267,004 |  | 272,020 |  |

| Amortisation for year | 543 |  | 43,525 |  | 44,068 |  |

| At 31 July 2025 | 5,559 |  | 310,529 |  | 316,088 |  |

| NET BOOK VALUE

| At 31 July 2025 | 3,014 |  | 100,956 |  | 103,970 |  |

| At 31 July 2024 | 3,557 |  | 144,481 |  | 148,038 |  |

14. | TANGIBLE FIXED ASSETS

| Group

| Improvements |  | Fixtures |

| to |  | and |  | Motor |  | Computer |

| property |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 August 2024 | 1,203,362 |  | 748,803 |  | 26,293 |  | 757,467 |  | 2,735,925 |  |

| Additions | 18,494 |  | - |  | - |  | 16,834 |  | 35,328 |  |

| Disposals | - |  | (1,906 | ) | - |  | - |  | (1,906 | ) |

| At 31 July 2025 | 1,221,856 |  | 746,897 |  | 26,293 |  | 774,301 |  | 2,769,347 |  |

| DEPRECIATION

| At 1 August 2024 | 249,254 |  | 622,116 |  | 26,293 |  | 673,889 |  | 1,571,552 |  |

| Charge for year | 85,332 |  | 69,386 |  | - |  | 39,818 |  | 194,536 |  |

| At 31 July 2025 | 334,586 |  | 691,502 |  | 26,293 |  | 713,707 |  | 1,766,088 |  |

| NET BOOK VALUE

| At 31 July 2025 | 887,270 |  | 55,395 |  | - |  | 60,594 |  | 1,003,259 |  |

| At 31 July 2024 | 954,108 |  | 126,687 |  | - |  | 83,578 |  | 1,164,373 |  |

| The Bear and The Bird Limited (Registered number: 12813442) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

14. | TANGIBLE FIXED ASSETS - continued

| Company

| Improvements |  | Fixtures |

| to |  | and |

| property |  | fittings |  | Totals

£ | £ | £ |

| COST

| At 1 August 2024 | 944,714 |  | 56,960 |  | 1,001,674 |  |

| Additions | 18,494 |  | - |  | 18,494 |  |

| At 31 July 2025 | 963,208 |  | 56,960 |  | 1,020,168 |  |

| DEPRECIATION

| At 1 August 2024 | 94,566 |  | 20,890 |  | 115,456 |  |

| Charge for year | 63,464 |  | 11,595 |  | 75,059 |  |

| At 31 July 2025 | 158,030 |  | 32,485 |  | 190,515 |  |

| NET BOOK VALUE

| At 31 July 2025 | 805,178 |  | 24,475 |  | 829,653 |  |

| At 31 July 2024 | 850,148 |  | 36,070 |  | 886,218 |  |

15. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertaking

£ |

| COST

| At 1 August 2024

| and 31 July 2025 | 3,484 |  |

| NET BOOK VALUE

| At 31 July 2025 | 3,484 |  |

| At 31 July 2024 | 3,484 |  |

| Shares in group undertakings represents the company's investment in 100% of the ordinary share capital and voting rights of Graham and Green Limited, a company incorporated in England and Wales.

| The Bear and The Bird Limited (Registered number: 12813442) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

16. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 August 2024 | 7,135,997 |  |

| Additions | 91,250 |  |

| At 31 July 2025 | 7,227,247 |  |

| NET BOOK VALUE

| At 31 July 2025 | 7,227,247 |  |

| At 31 July 2024 | 7,135,997 |  |

| Investment properties are stated at fair value as at 31 July 2024, based on a review by the Directors.

| Company

| Total

£ |

| FAIR VALUE

| At 1 August 2024 | 7,135,997 |  |

| Additions | 91,250 |  |

| At 31 July 2025 | 7,227,247 |  |

| NET BOOK VALUE

| At 31 July 2025 | 7,227,247 |  |

| At 31 July 2024 | 7,135,997 |  |

17. | STOCKS

| Group |

2025 | 2024 |

| as | restated |

£ | £ |

| Stocks | 2,897,768 |  | 3,253,241 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

| as restated |  | as restated |

£ | £ | £ | £ |

| Trade debtors | 903,602 |  | 679,588 |  | - |  | - |  |

| Other debtors | 151,350 |  | 275,132 |  | 89,512 |  | 77,536 |  |

| Prepayments and accrued income | 609,431 |  | 336,332 |  | 17,875 |  | 25,482 |  |

1,664,383 |  | 1,291,052 |  | 107,387 |  | 103,018 |  |

| The Bear and The Bird Limited (Registered number: 12813442) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

| as restated |  | as restated |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 21) | 290,371 |  | 277,917 |  | 290,371 |  | 277,917 |  |

| Hire purchase contracts (see note 22) | 60,954 |  | 45,818 |  | - |  | - |  |

| Trade creditors | 469,926 |  | 685,925 |  | 29,891 |  | 20,567 |  |

| Tax | 10,380 |  | 10,380 |  | (563 | ) | (563 | ) |

| Social security and other taxes | 78,677 |  | 56,729 |  | - |  | - |  |

| VAT | 127,191 |  | 133,971 |  | 11,618 |  | 6,961 |  |

| Other creditors | 1,365,916 |  | 1,173,262 |  | - |  | - |  |

| Accruals and deferred income | 138,886 |  | 133,874 |  | 37,731 |  | 33,645 |  |

2,542,301 |  | 2,517,876 |  | 369,048 |  | 338,527 |  |

| Included within other creditors are gross amounts totalling £976,173 (2024: £757,741) held as customer deposits against orders.

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

| as restated |  | as restated |

£ | £ | £ | £ |

| Bank loans (see note 21) | 4,092,941 |  | 4,280,212 |  | 4,092,941 |  | 4,280,212 |  |

| Hire purchase contracts (see note 22) | 211,774 |  | - |  | - |  | - |  |

4,304,715 |  | 4,280,212 |  | 4,092,941 |  | 4,280,212 |  |

21. | LOANS

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

| as restated |  | as restated |

£ | £ | £ | £ |

| Amounts falling due within one year or | on demand: |

| Bank loans | 290,371 |  | 277,917 |  | 290,371 |  | 277,917 |  |

| Amounts falling due between one and | two years: |

| Bank loans - 1-2 years | 302,826 |  | 290,371 |  | 302,826 |  | 290,371 |  |

| Amounts falling due between two and | five years: |

| Bank loans - 2-5 years | 3,790,115 |  | 3,989,841 |  | 3,790,115 |  | 3,989,841 |  |

| Bank loans are secured by a fixed and floating charge over the property and undertakings of the company.

| The Bear and The Bird Limited (Registered number: 12813442) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

22. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

| as | restated |

£ | £ |

| Net obligations repayable:

| Within one year | 60,954 |  | 45,818 |  |

| Between one and five years | 211,774 |  | - |  |

272,728 |  | 45,818 |  |

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

| as | restated |

£ | £ |

| Within one year | 709,380 |  | 783,854 |  |

| Between one and five years | 758,528 |  | 1,355,361 |  |

| In more than five years | 33,660 |  | 141,710 |  |

1,501,568 |  | 2,280,925 |  |

23. | CALLED UP SHARE CAPITAL

| Allotted and issued:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: |  | as restated |

£ | £ |

| 3,484 | Share capital 1 | 1 | 3,484 |  | 3,484 |  |

24. | RESERVES

| Group

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 August 2024 | 7,282,040 |  | 311,348 |  | 7,593,388 |  |

| Prior year adjustment | (158,157 | ) | - |  | (158,157 | ) |

7,123,883 |  | 311,348 |  | 7,435,231 |  |

| Profit for the year | 150,055 |  | - |  | 150,055 |  |

| Dividends | (63,052 | ) | - |  | (63,052 | ) |

| At 31 July 2025 | 7,210,886 |  | 311,348 |  | 7,522,234 |  |

| The Bear and The Bird Limited (Registered number: 12813442) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

24. | RESERVES - continued

| Company

| Retained

| earnings

£ |

| At 1 August 2024 | 3,526,594 |  |

| Profit for the year | 275,197 |  |

| Dividends | (63,052 | ) |

| At 31 July 2025 | 3,738,739 |  |

25. | RELATED PARTY DISCLOSURES

| Purchases totalling £15,213 (2024: £19,292) were made by the group from a director for bespoke retail goods. At the year end an amount of £2,157 (2024: £nl) was due to the director.

26. | ULTIMATE CONTROLLING PARTY

| The Directors believe there to be no single ultimate controlling party.

27. | CHARGES

| A Director holds a fixed and floating charge over the undertaking and all property and assets present and future.

| The Group's bankers hold a fixed and floating debenture charge over the undertakings and all property and assets present and future.

| The bank also holds a charge of deposit over all amounts now and in the future credited to a specific bank account.