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Registered number: 03037336









BENROSS MARKETING LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

 
BENROSS MARKETING LIMITED
 
 
COMPANY INFORMATION


Directors
DV Juneja 
A Juneja 




Registered number
03037336



Registered office
22 Goodlass Road

Liverpool

Merseyside

L24 9HJ




Independent auditors
Harris & Trotter LLP

101 New Cavendish Street

1st Floor South

London

W1W 6XH





 
BENROSS MARKETING LIMITED
 

CONTENTS



Page
Strategic report
1 - 5
Directors' report
6 - 7
Independent auditors' report
8 - 11
Statement of comprehensive income
12
Statement of financial position
13
Statement of changes in equity
14
Statement of cash flows
15 - 16
Analysis of net debt
17
Notes to the financial statements
18 - 33


 
BENROSS MARKETING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2026

Page 1

 
BENROSS MARKETING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026

Business review

2026
2025
      £'000
      £'000
Turnover

29,206

27,090
 
Gross Profit

7,788

7,253
 
Operating profit

1,865

803
 
Profit before taxation

1,532

544
 

Page 2

 
BENROSS MARKETING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026

The board is pleased to report a strong financial performance for the year ended 31 January 2026. The business has delivered meaningful revenue growth and a significant improvement in profitability, demonstrating the resilience of the Benross model and the continued success of strategic initiatives pursued in recent years.
 
Revenue

Turnover increased by £2.1m (8%) to £29.2m (2025: £27.1m), with growth achieved across all geographic markets. In the UK, revenues grew by £1.7m to £27.4m (2025: £25.8m), reflecting a recovery in consumer demand and the positive contribution from new licensing agreements and major contract wins with well-known household retail names secured in the prior year. European revenues grew to £1.5m (2025: £1.2m), supported by the continued success of the Black+Decker licensing agreement and an expanded trade fair presence, including at Ambiente in Germany. Rest of World revenues more than tripled to £0.3m (2025: £0.1m), reflecting early progress in developing new export markets.

Gross Profit and Margin

Gross profit improved by £0.5m to £7.8m (2025: £7.3m). Gross profit margin was maintained at approximately 27% (2025: 27%), reflecting continued discipline in purchasing and the sustained benefits of lower global sea freight costs following the easing of the global shipping crisis. The board is satisfied that margin has been preserved despite top-line growth, evidencing the effectiveness of the procurement and cost management strategy.

Operating Costs and Profitability

Operating profit increased by 123% to £1.9m (2025: £0.8m). Total operating expenses were well managed; distribution costs reduced by £0.3m to £1.5m (2025: £1.8m) reflecting efficiencies in the supply chain, while administrative expenses were broadly stable at £5.4m (2025: £5.3m). Other operating income, comprising foreign exchange gains, increased to £1.0m (2025: £0.7m), reflecting favourable sterling movements against the US dollar throughout the year.

The business generated EBITDA of approximately £2.0m, representing 6.7% of turnover (2025: £1.0m, 3.8%), a marked improvement on the prior year and a clear demonstration of the operating leverage inherent in the business model.

Working Capital and Cash Generation

Working capital management remained a central focus throughout the year and the results are encouraging. Closing stock reduced to £6.6m (2025: £8.2m), reflecting active management of inventory positions and a normalisation of stock levels following the prior year unwind. Trade debtor balances also reduced to £3.8m (2025: £5.7m), reflecting the profile of sales and improved collections. The combined effect was a significant improvement in net cash generated from operations, which totalled £4.2m (2025: £0.2m).

The improvement in operating cash flow enabled a material reduction in utilisation of import and invoice financing facilities, which reduced from £5.0m to £1.6m during the year, significantly improving the Group's net debt position and reducing financing risk.

I
nterest and Financing

Interest payable increased to £0.3m (2025: £0.3m), reflecting slightly higher average utilisation of financing facilities in the earlier part of the year. However, the significant reduction in facility utilisation by year end positions the business well for reduced interest costs in the year ahead. The business continues to use a range of short-term financing facilities, and the board is monitoring the interest rate environment closely.

Balance Sheet

The statement of financial position has strengthened during the year. Net assets increased to £14.7m (2025:
Page 3

 
BENROSS MARKETING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026

£14.1m), reflecting the profit generated in the year net of dividends paid of £0.5m. The board considers the balance sheet to be in a healthy position and well placed to support the continued growth of the business.

Future Developments

The company enters the new financial year in a strong position, with growing revenues, improved profitability, a strengthened balance sheet and reduced financial indebtedness. The board is cautiously optimistic about the outlook, while remaining alert to the macroeconomic and geopolitical uncertainties that continue to affect the business environment.

United Kingdom

In the UK market, the board expects continued growth, underpinned by existing licensing agreements and established retail relationships. The pipeline of new product launches and licenced ranges, including those with major household name retailers, provides confidence in the revenue outlook for the coming year. The business will continue to invest in its brand development and marketing activities, including trade fair attendance and targeted digital and retail promotions, while maintaining cost discipline.

Europe

European revenues are expected to continue growing as the business consolidates its position in key markets, particularly Ireland, Germany, the Netherlands and France. The existing Black+Decker licensing agreement continues to perform well and the European sales resource is actively developing new relationships with distributors and buyers. The board will assess opportunities to broaden the European product range and distribution footprint further during the year.

Rest of World and Export Markets

The strong growth in Rest of World revenues during the year demonstrates the potential of international markets beyond Europe. The board will continue to invest selectively in new export markets, with particular focus on territories where the company's product ranges and licensing arrangements offer a competitive advantage. The business will be mindful of the ongoing uncertainty around US trade tariff policy in assessing the timing and scale of any further expansion into the North American market.

Supply Chain and Cost Management

The business will continue to focus on supply chain resilience and cost optimisation. Relationships with key suppliers in the Far East have been strengthened by continued in-person engagement, and the buying team will continue to seek new product opportunities and assess supply chain diversification. The company will maintain a prudent approach to foreign exchange exposure and will continue to manage inventory levels actively to optimise working capital.

The board is confident in the company's strategic direction and in the capability of its management team to continue delivering growth and value for shareholders.

Page 4

 
BENROSS MARKETING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026

Principal risks and uncertainties
 
The risks outlined below represent the principal risks faced by the Company in pursuing its strategic objectives. The list is not exhaustive, nor does it reflect any order of priority. The responsibility for risk management and the internal control environment resides with the board of directors. Risks and appropriate mitigation strategies are reviewed at all board meetings and communicated to relevant stakeholders.

Internal Risks

– Working capital management – inadequate management of stock, debtors and creditors could constrain liquidity and operational performance
– Operational effectiveness – disruption to the company's warehousing, logistics or IT infrastructure could affect the ability to service customers

External Risks
– Macroeconomic conditions – consumer spending pressures, inflationary cost increases and interest rate movements could affect revenues and margins
– Supply chain disruption – geopolitical events, shipping market volatility or supplier failure could impact product availability and input costs
– Credit risk – customer credit risk, particularly from large retail clients, could result in bad debt exposure affecting profitability
– Regulatory and trade policy – changes to UK, European or international trade regulations, including tariff policy, could affect the cost base and market access
– Foreign exchange – the company's reliance on US dollar denominated purchasing creates exposure to currency fluctuation, which is partially mitigated through exchange rate management


This report was approved by the board and signed on its behalf.



A Juneja
Director

Date: 28 April 2026

Page 5

 
BENROSS MARKETING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2026

The directors present their report and the financial statements for the year ended 31 January 2026.

Directors' responsibilities statement

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 judgments 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 2006They 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.

Principal activity

The principal activity of the Company continued to be the research and design, sourcing, importing and distributing of homewares, electrical appliances, camping and seasonal products.

Results

The profit for the year, after taxation, amounted to £1,117,512 (2025 - £352,482).

Directors

The directors who served during the year were:

DV Juneja 
A Juneja 

Page 6

 
BENROSS MARKETING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026

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.

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

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





A Juneja
Director

Date: 28 April 2026

Page 7

 
BENROSS MARKETING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENROSS MARKETING LIMITED
 

Opinion


We have audited the financial statements of Benross Marketing Limited (the 'Company') for the year ended 31 January 2026, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 January 2026 and of its 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 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.


Page 8

 
BENROSS MARKETING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENROSS MARKETING LIMITED (CONTINUED)


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 ReportOur 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.


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 6, 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 9

 
BENROSS MARKETING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENROSS MARKETING 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:

The objectives of our audit are to identify and assess the risks of material misstatement of the financial
statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of
material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent
limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may
not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

• We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the
  industry in which it operates. We determined that the following laws and regulations were most significant: 
  FRS102 and the Companies Act 2006.

• We obtained an understanding of how the Company is complying with those legal and regulatory frameworks
  by making enquiries of management.

• We challenged assumptions and judgments made by management in its significant accounting estimates.

We did not identify any key audit matters relating to irregularities, including fraud.


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 10

 
BENROSS MARKETING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BENROSS MARKETING 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 2006Our 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.





Jamie Taylor (Senior statutory auditor)
  
for and on behalf of
Harris & Trotter LLP
 
101 New Cavendish Street
1st Floor South
London
W1W 6XH

28 April 2026
Page 11

 
BENROSS MARKETING LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2026

2026
2025
Note
£
£

  

Turnover
 4 
29,205,954
27,089,697

Cost of sales
  
(21,418,015)
(19,836,902)

Gross profit
  
7,787,939
7,252,795

Distribution costs
  
(1,492,620)
(1,761,777)

Administrative expenses
  
(5,388,871)
(5,327,894)

Other operating income
 5 
978,979
681,878

Operating profit
  
1,885,427
845,002

Interest payable and similar expenses
 9 
(333,469)
(259,057)

Profit before tax
  
1,551,958
585,945

Tax on profit
 10 
(434,446)
(233,463)

Profit for the financial year
  
1,117,512
352,482

Other comprehensive income for the year
  

Total comprehensive income for the year
  
1,117,512
352,482

The notes on pages 18 to 33 form part of these financial statements.

Page 12

 
BENROSS MARKETING LIMITED
REGISTERED NUMBER: 03037336

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2026

2026
2025
Note
£
£

Fixed assets
  

Tangible assets
 13 
171,211
119,549

  
171,211
119,549

Current assets
  

Stocks
 14 
6,642,001
8,230,647

Debtors
 15 
11,961,257
13,517,146

Cash at bank and in hand
 16 
608,982
760,814

  
19,212,240
22,508,607

Creditors: amounts falling due within one year
 17 
(4,664,319)
(8,469,268)

Net current assets
  
 
 
14,547,921
 
 
14,039,339

Total assets less current liabilities
  
14,719,132
14,158,888

Provisions for liabilities
  

Deferred tax
 18 
(42,803)
(69,471)

Other provisions
  
-
(13,500)

  
 
 
(42,803)
 
 
(82,971)

Net assets
  
14,676,329
14,075,917


Capital and reserves
  

Called up share capital 
 19 
1,000
1,000

Profit and loss account
 20 
14,675,329
14,074,917

  
14,676,329
14,075,917


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 April 2026.




A Juneja
Director

The notes on pages 18 to 33 form part of these financial statements.

Page 13

 
BENROSS MARKETING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 February 2024
1,000
14,179,685
14,180,685



Profit for the year
-
352,482
352,482

Dividends: Equity capital
-
(457,250)
(457,250)



At 1 February 2025
1,000
14,074,917
14,075,917



Profit for the year
-
1,117,512
1,117,512

Dividends: Equity capital
-
(517,100)
(517,100)


At 31 January 2026
1,000
14,675,329
14,676,329


The notes on pages 18 to 33 form part of these financial statements.

Page 14

 
BENROSS MARKETING LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2026

2026
2025
£
£

Cash flows from operating activities

Profit for the financial year
1,117,512
352,482

Adjustments for:

Depreciation of tangible assets
68,767
148,129

Loss on disposal of tangible assets
-
15,959

Interest paid
333,469
259,057

Taxation charge
461,114
164,804

Decrease/(increase) in stocks
1,588,644
(816,596)

Decrease/(increase) in debtors
1,674,777
(525,058)

(Increase) in amounts owed by associates
(118,886)
(288,746)

(Decrease)/increase in creditors
(628,579)
994,105

(Decrease)/increase in provisions
(13,500)
-

Corporation tax (paid)
(250,979)
(108,754)

Movement in deferred taxes
(26,668)
(17,515)

Net cash generated from operating activities

4,205,671
177,867


Cash flows from investing activities

Sale of intangible assets
-
80,000

Purchase of tangible fixed assets
(120,429)
(15,652)

Net cash from investing activities

(120,429)
64,348

Cash flows from financing activities

Dividends paid
(517,100)
(457,250)

Interest paid
(333,469)
(259,057)

Net cash used in financing activities
(850,569)
(716,307)

Net increase/(decrease) in cash and cash equivalents
3,234,673
(474,092)

Cash and cash equivalents at beginning of year
(4,243,555)
(3,769,463)

Cash and cash equivalents at the end of year
(1,008,882)
(4,243,555)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
608,982
760,814

Bank overdrafts
(1,617,864)
(5,004,369)

(1,008,882)
(4,243,555)


Page 15

 
BENROSS MARKETING LIMITED
 
The notes on pages 18 to 33 form part of these financial statements.

Page 16

 
BENROSS MARKETING LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2026




At 1 February 2025
Cash flows
At 31 January 2026
£

£

£

Cash at bank and in hand

760,814

(151,832)

608,982

Bank overdrafts

(5,004,369)

3,386,505

(1,617,864)

Debt due within 1 year

(150,000)

7,656

(142,344)


(4,393,555)
3,242,329
(1,151,226)

The notes on pages 18 to 33 form part of these financial statements.

Page 17

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026

1.


General information

Benross Marketing Limited is a company limited by shares and incorporated and domiciled in England & Wales (registered number: 03037336).  The registered office is located at Benross House, 22 Goodlass Road, Liverpool, L24 9HJ.

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

In determining whether the Company's accounts can be prepared on a going concern basis, the directors considered the Company's business activities together with factors likely to affect its future development, performance and its financial position including cash flows, liquidity position and borrowing facilities and the principal risks and uncertainties relating to its activities.

The Company is expected to generate independent positive cash flows for the foreseeable future.  Monthly forecasts have been prepared for the business going forward for the short-medium term.  These forecasts after sensitivities assume that the profitability of the Company grows in accordance with the detailed business plan which has been approved by the board.

The forecasts for the Company indicate ongoing compliance with all covenants attached to associated bank debt.

The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Page 18

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company 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 profit or loss 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.

Page 19

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Software Development Costs

Software and associated costs are capitalised as intangible assets where it is not an integral part of the related hardware at purchase cost and amortised in the profit & loss account to administrative expenses  on a straight  line basis over its useful economic life which is generally 3 to 5 years. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the company are recognised as intangible assets. Development expenditures that do not meet our criteria are expensed as incurred.

Costs incurred developing the company's own brands are expensed as incurred.  Separately  acquired trademarks are shown at historical cost. Trademarks have a finite useful life and are carried at cost less accumulated amortisation.

Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives:

           Software development                -           3-5 years

Page 20

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

 
2.9

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:

Leasehold improvements
-
10%
on cost
Plant and machinery
-
25%
on cost
Motor vehicles
-
25%
on cost
Fixtures and fittings
-
25%
on cost
Computer equipment
-
25%
on cost

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.11

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.

 
2.12

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 21

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

 
2.13

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Page 22

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Page 23

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)


2.15
Financial instruments (continued)


 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates.  The items in the financial statements where these judgements and estimates have been made include:

Inventory provisions

Estimations have been made in respect of the carrying value of aged inventories.  Where NRV is estimated to be below cost an adjustment to the carrying value is provided for.  As at 31 January 2026 the inventory provision was £592,390 (2025: £585,355).


4.


Turnover

The turnover and profit before taxation are attributable to the one principal activity of the Company.

2026
2025
£
£

United Kingdom
27,443,698
25,759,048

Europe
1,450,035
1,234,812

Rest of World
312,221
95,837

29,205,954
27,089,697



5.


Other operating income

2026
2025
£
£

Exchange rate gains/losses
978,979
681,878

978,979
681,878


Page 24

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026

6.


Auditors' remuneration

2026
2025
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,500
17,500

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2026
2025
£
£

Wages and salaries
2,343,531
2,192,080

Social security costs
256,357
193,817

Cost of defined contribution scheme
109,309
88,463

2,709,197
2,474,360


The average monthly number of employees, including the directors, during the year was as follows:


        2026
        2025
            No.
            No.







Management
6
4



Administrative
19
22



Distribution
19
21



Sales
17
17

61
64


8.


Directors' remuneration

2026
2025
£
£

Directors' emoluments
27,271
176,900

27,271
176,900


Page 25

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026

9.


Interest payable and similar expenses

2026
2025
£
£


Bank interest payable
333,469
259,057

333,469
259,057


10.


Taxation


2026
2025
£
£

Corporation tax


Current tax on profits for the year
461,114
250,979


461,114
250,979


Total current tax
461,114
250,979

Deferred tax


Origination and reversal of timing differences
(26,668)
(17,516)

Total deferred tax
(26,668)
(17,516)


Tax on profit
434,446
233,463
Page 26

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2025 - the same as) the standard rate of corporation tax in the UK of 25% (2025 - 25%) as set out below:

2026
2025
£
£


Profit on ordinary activities before tax
1,551,958
585,945


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)
387,990
146,486

Effects of:


Capital allowances for year in excess of depreciation
52,399
9,356

Short-term timing difference leading to an increase (decrease) in taxation
(26,668)
(17,515)

Other differences leading to an increase (decrease) in the tax charge
20,725
95,136

Total tax charge for the year
434,446
233,463


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




11.


Dividends

2026
2025
£
£


Dividends paid
517,100
457,250

517,100
457,250

Page 27

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026

12.


Intangible assets




Computer software

£



Cost


At 1 February 2025
93,345



At 31 January 2026

93,345



Amortisation


At 1 February 2025
93,345



At 31 January 2026

93,345



Net book value



At 31 January 2026
-



At 31 January 2025
-



Page 28
 


 
BENROSS MARKETING LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026


13.


Tangible fixed assets


Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 February 2025
55,430
395,483
193,839
442,961
110,850
1,198,563


Additions
-
1,504
-
107,794
11,131
120,429



At 31 January 2026

55,430
396,987
193,839
550,755
121,981
1,318,992



Depreciation


At 1 February 2025
20,126
370,622
158,046
437,512
92,708
1,079,014


Charge for the year on owned assets
-
11,013
27,389
12,155
12,667
63,224


Charge for the year on financed assets
5,543
-
-
-
-
5,543



At 31 January 2026

25,669
381,635
185,435
449,667
105,375
1,147,781



Net book value



At 31 January 2026
29,761
15,352
8,404
101,088
16,606
171,211



At 31 January 2025
35,304
24,862
35,793
5,449
18,141
119,549

Page 29
 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026

14.


Stocks

2026
2025
£
£

Finished goods and goods for resale
6,642,001
8,230,647

6,642,001
8,230,647


Stock recognised in cost of sales during the year as an expense was £18,012,725 (2025: £16,956,517).

Page 30

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026

15.


Debtors


2026
2025
£
£

Due after more than one year

Amounts owed by joint ventures and associated undertakings
5,784,772
5,784,772

5,784,772
5,784,772

Due within one year

Trade debtors
3,825,663
5,737,254

Amounts owed by joint ventures and associated undertakings
1,586,680
1,467,794

Other debtors
8,723
275,572

Prepayments and accrued income
755,419
251,754

11,961,257
13,517,146



16.


Cash and cash equivalents

2026
2025
£
£

Cash at bank and in hand
608,982
760,814

Import and invoice finance
(1,617,864)
(5,004,369)

(1,008,882)
(4,243,555)



17.


Creditors: Amounts falling due within one year

2026
2025
£
£

Import and invoice finance
1,617,864
5,004,369

Trade creditors
527,339
952,472

Corporation tax
468,226
258,090

Other taxation and social security
122,063
166,556

Other creditors
296,823
162,685

Accruals and deferred income
1,632,004
1,925,096

4,664,319
8,469,268


Page 31

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026

18.


Deferred taxation




2026


£






At beginning of year
(69,471)


Charged to profit or loss
26,668



At end of year
(42,803)

The provision for deferred taxation is made up as follows:

2026
2025
£
£


Accelerated capital allowances
(42,803)
(69,471)

(42,803)
(69,471)


19.


Share capital

2026
2025
£
£
Allotted, called up and fully paid



250 (2025 - 250) Ordinary A shares of £1.00 each
250
250
250 (2025 - 250) Ordinary B shares of £1.00 each
250
250
100 (2025 - 100) Ordinary C shares of £1.00 each
100
100
100 (2025 - 100) Ordinary D shares of £1.00 each
100
100
100 (2025 - 100) Ordinary E shares of £1.00 each
100
100
100 (2025 - 100) Ordinary F shares of £1.00 each
100
100
100 (2025 - 100) Ordinary G shares of £1.00 each
100
100

1,000

1,000

The share rights of the ordinary A to G shares shall rank pari passu in all respects but shall constitute separate classes of shares.

In any financial year as regards to the available profits of the Company that the board determine to distribute, the board may make payments to one or more classes of shares to the exclusion of the other classes of shares.

There were no shares alloted in the year ended 31 January 2026.


Page 32

 
BENROSS MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026

20.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.


21.


Related party transactions

There were several transactions and loans between related parties within the year. The following table sums up total balances relevant for each category.

These amounts below can be seen within intercompany balances, sales, and expenses within the financial statements. 


2026
2025
£
£



Purchases from associates
525,900
6,629,500

Sales to associates
430,461
981,075

Loans provided to associates in year
118,819
295,327

Loans repaid by associates
6,514
-

Trade creditors amounts due to associates
-
-

Loans due from associates
7,364,871
7,259,148

Trade debtors due from associates
334,250
691,492

Dividends paid to directors
517,100
475,250

Rent charged by associates
667,073
678,000

Key management personnel compensation
27,271
176,900

 
Page 33