IRIS Accounts Production v26.1.0.640 00503044 Board of Directors 23.3.24 22.3.25 22.3.25 Medium entities The principal activity of the company during the year continued to be that of supermarket proprietors and wholesale grocers. The company also trades in syndicated property units and loans. true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Fair value model Ordinary 0.50000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 00503044 2024-03-22 00503044 2025-03-22 00503044 2024-03-23 2025-03-22 00503044 2023-03-22 00503044 2023-03-23 2024-03-22 00503044 2024-03-22 00503044 ns15:EnglandWales 2024-03-23 2025-03-22 00503044 ns14:PoundSterling 2024-03-23 2025-03-22 00503044 ns10:Director1 2024-03-23 2025-03-22 00503044 ns10:PrivateLimitedCompanyLtd 2024-03-23 2025-03-22 00503044 ns10:MediumEntities 2024-03-23 2025-03-22 00503044 ns10:Audited 2024-03-23 2025-03-22 00503044 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-03-23 2025-03-22 00503044 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-03-23 2025-03-22 00503044 ns10:FullAccounts 2024-03-23 2025-03-22 00503044 1 2024-03-23 2025-03-22 00503044 ns10:OrdinaryShareClass2 2024-03-23 2025-03-22 00503044 ns10:Director2 2024-03-23 2025-03-22 00503044 ns10:Director3 2024-03-23 2025-03-22 00503044 ns10:Director4 2024-03-23 2025-03-22 00503044 ns10:Director5 2024-03-23 2025-03-22 00503044 ns10:RegisteredOffice 2024-03-23 2025-03-22 00503044 2 2024-03-23 2025-03-22 00503044 2 2023-03-23 2024-03-22 00503044 ns5:CurrentFinancialInstruments 2025-03-22 00503044 ns5:CurrentFinancialInstruments 2024-03-22 00503044 ns5:Non-currentFinancialInstruments 2025-03-22 00503044 ns5:Non-currentFinancialInstruments 2024-03-22 00503044 ns5:ShareCapital 2025-03-22 00503044 ns5:ShareCapital 2024-03-22 00503044 ns5:SharePremium 2025-03-22 00503044 ns5:SharePremium 2024-03-22 00503044 ns5:RevaluationReserve 2025-03-22 00503044 ns5:RevaluationReserve 2024-03-22 00503044 ns5:CapitalRedemptionReserve 2025-03-22 00503044 ns5:CapitalRedemptionReserve 2024-03-22 00503044 ns5:RetainedEarningsAccumulatedLosses 2025-03-22 00503044 ns5:RetainedEarningsAccumulatedLosses 2024-03-22 00503044 ns5:ShareCapital 2023-03-22 00503044 ns5:RetainedEarningsAccumulatedLosses 2023-03-22 00503044 ns5:SharePremium 2023-03-22 00503044 ns5:RetainedEarningsAccumulatedLosses 2023-03-23 2024-03-22 00503044 ns5:RetainedEarningsAccumulatedLosses 2024-03-23 2025-03-22 00503044 ns5:RevaluationReserve 2023-03-22 00503044 ns5:CapitalRedemptionReserve 2023-03-22 00503044 ns5:RevaluationReserve 2023-03-23 2024-03-22 00503044 ns5:CapitalRedemptionReserve 2023-03-23 2024-03-22 00503044 ns5:RevaluationReserve 2024-03-23 2025-03-22 00503044 ns5:CapitalRedemptionReserve 2024-03-23 2025-03-22 00503044 ns5:NetGoodwill 2024-03-23 2025-03-22 00503044 ns5:IntangibleAssetsOtherThanGoodwill 2024-03-23 2025-03-22 00503044 ns5:PlantMachinery 2024-03-23 2025-03-22 00503044 ns5:MotorVehicles 2024-03-23 2025-03-22 00503044 ns5:ComputerEquipment 2024-03-23 2025-03-22 00503044 ns5:ReportableOperatingSegment1 2024-03-23 2025-03-22 00503044 ns5:ReportableOperatingSegment1 2023-03-23 2024-03-22 00503044 ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount 2024-03-23 2025-03-22 00503044 ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount 2023-03-23 2024-03-22 00503044 1 2024-03-23 2025-03-22 00503044 1 2023-03-23 2024-03-22 00503044 ns5:OwnedAssets 2024-03-23 2025-03-22 00503044 ns5:OwnedAssets 2023-03-23 2024-03-22 00503044 ns5:LeasedAssets 2024-03-23 2025-03-22 00503044 ns5:LeasedAssets 2023-03-23 2024-03-22 00503044 3 2024-03-23 2025-03-22 00503044 3 2023-03-23 2024-03-22 00503044 6 2024-03-23 2025-03-22 00503044 6 2023-03-23 2024-03-22 00503044 ns5:HirePurchaseContracts 2024-03-23 2025-03-22 00503044 ns5:HirePurchaseContracts 2023-03-23 2024-03-22 00503044 ns10:OrdinaryShareClass2 2023-03-23 2024-03-22 00503044 ns5:NetGoodwill 2024-03-22 00503044 ns5:NetGoodwill 2025-03-22 00503044 ns5:NetGoodwill 2024-03-22 00503044 ns5:LandBuildings 2024-03-22 00503044 ns5:PlantMachinery 2024-03-22 00503044 ns5:MotorVehicles 2024-03-22 00503044 ns5:ComputerEquipment 2024-03-22 00503044 ns5:LandBuildings 2024-03-23 2025-03-22 00503044 ns5:LandBuildings 2025-03-22 00503044 ns5:PlantMachinery 2025-03-22 00503044 ns5:MotorVehicles 2025-03-22 00503044 ns5:ComputerEquipment 2025-03-22 00503044 ns5:LandBuildings 2024-03-22 00503044 ns5:PlantMachinery 2024-03-22 00503044 ns5:MotorVehicles 2024-03-22 00503044 ns5:ComputerEquipment 2024-03-22 00503044 ns5:MotorVehicles ns5:LeasedAssetsHeldAsLessee 2024-03-22 00503044 ns5:MotorVehicles ns5:LeasedAssetsHeldAsLessee 2024-03-23 2025-03-22 00503044 ns5:MotorVehicles ns5:LeasedAssetsHeldAsLessee 2025-03-22 00503044 ns5:MotorVehicles ns5:LeasedAssetsHeldAsLessee 2024-03-22 00503044 ns5:CostValuation 2024-03-22 00503044 ns5:AdditionsToInvestments 2025-03-22 00503044 ns5:RevaluationsIncreaseDecreaseInInvestments 2025-03-22 00503044 ns5:CostValuation 2025-03-22 00503044 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-22 00503044 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-03-22 00503044 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2025-03-22 00503044 ns5:WithinOneYear ns5:CurrentFinancialInstruments ns5:HirePurchaseContracts 2024-03-22 00503044 ns5:BetweenOneFiveYears ns5:HirePurchaseContracts 2025-03-22 00503044 ns5:BetweenOneFiveYears ns5:HirePurchaseContracts 2024-03-22 00503044 ns5:HirePurchaseContracts 2025-03-22 00503044 ns5:HirePurchaseContracts 2024-03-22 00503044 ns5:DeferredTaxation 2024-03-22 00503044 ns5:DeferredTaxation 2025-03-22 00503044 ns10:OrdinaryShareClass2 2025-03-22 00503044 ns5:RetainedEarningsAccumulatedLosses 2024-03-22 00503044 ns5:SharePremium 2024-03-22 00503044 ns5:RevaluationReserve 2024-03-22 00503044 ns5:CapitalRedemptionReserve 2024-03-22 00503044 ns10:Director2 2 2024-03-22 00503044 ns10:Director2 2 2023-03-22 00503044 ns10:Director2 2 2024-03-23 2025-03-22 00503044 ns10:Director2 2 2023-03-23 2024-03-22 00503044 ns10:Director2 2 2025-03-22 00503044 ns10:Director2 2 2024-03-22

REGISTERED NUMBER: 00503044 (England and Wales)

| G.W.Proudfoot Limited |

| Strategic Report, Report of the Directors and |

| Financial Statements |

| for the Year Ended 22 March 2025 |

G.W.Proudfoot Limited (Registered number: 00503044)

Contents of the Financial Statements

for the year ended 22 March 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 6 |

Income Statement | 10 |

Other Comprehensive Income | 11 |

Balance Sheet | 12 |

Statement of Changes in Equity | 14 |

Cash Flow Statement | 15 |

Notes to the Cash Flow Statement | 16 |

Notes to the Financial Statements | 17 |

G.W.Proudfoot Limited

Company Information

for the year ended 22 March 2025

| DIRECTORS: | Mr M A Proudfoot

| Mr I A Proudfoot

| Mr D P Armstrong

| Mr M A Proudfoot

| Mrs V Aston

| REGISTERED OFFICE: | Blinking Sike, Caxton Way

| Eastfield Business Park

| Eastfield

| Scarborough

| North Yorkshire

| YO11 3YT

| REGISTERED NUMBER: | 00503044 (England and Wales)

| AUDITORS: | SMH Jolliffe Cork Audit Ltd

| Accountants & Statutory Auditors

| 33 George Street

| Wakefield

| West Yorkshire

| WF1 1LX

G.W.Proudfoot Limited (Registered number: 00503044)

Strategic Report

for the year ended 22 March 2025

The directors present their strategic report for the year ended 22 March 2025.

PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS

The company operate out of 5 sites within the Scarborough area , predominately retailing Groceries as well as an array of Home and Garden goods. The company holds a portfolio of property that is leased to third parties, with the properties located within a close proximity to the company's trading stores.

Key Performance Indicators

The Company's key performance indicators in respect of all operations during the year were as follows (Comparative information is for the year ended 22nd March 2024):

Core Retail |  | 2025 |  | 2024 |  | YOY Change |

Turnover |  | £19.6m |  | £19.9m |  | -1.69% |

Gross profit |  | £4.9m |  | £5.2m |  | -5.12% |

Gross profit % |  | 24.95% |  | 25.85% |  | -0.90% |

Operating (loss)/profit |  | £-0.14m |  | £0.53m |  | -126.40% |

Grocery sales decreased on a like for like basis (-1.69%), primarily impacted by the 5-month refurbishment of the company's largest supermarket in Newby, Scarborough. This was also a main contributing factor in the reduction of operating profit.

The company continues to refine its daily operations in the pursuit of providing best in class service and to better serve the local communities surrounding each of its locations.

The directors undertook a significant program of works to refurbish the groups largest 15,000sqft supermarket, with works commencing in September 2024. Although the refurbishment significantly impacted the company's overall performance, we are pleased to report that the completed works have been successful and have delivered the envisioned and improved store planned.

The company continues to invest in its operating infrastructure and IT systems to ensure its smooth running and increased efficiencies. The internal enhancement of the groups IT systems plays a key role in the future growth of sales as multiple new utilities have been designed and introduced to help improve reporting and analysis with a focus on ensuring that retail space is fully utilised.

Proudfoot's commitment to strengthening its local supply chain continues, with just over £3m of annual purchases attributed to locally sourced product. Of which just shy of £2m worth of goods purchased are from within a 30-minute drive of Scarborough, the company's core catchment area.

Proudfoot remains completely dedicated to working with local good causes and charities across the communities it serves. During the calendar year of 2024, Proudfoot donated £30,100 to 47 local organisations via it's Making A Difference Locally Charity.

As reported previously the company implemented a plastic bag charge, in which proceeds are donated to local charities. Since the carrier bag charge was introduced, the company through the continued support of its customers have been able to raise and donate over £90,000 to date.

During 2024, £18,000 worth of food was donated to two local food banks (split 50/50 between The Rainbow Centre, Scarborough and Westway Open Arms, Eastfield), with support from the group's carrier bag fund.

Proudfoot bases its core strategies around providing best in class customer service while ensuring its offering remains relevant and adaptable to its customers changing needs. The directors continue to ensure Proudfoot's operations remain as efficient as possible to enable the company to offer best value to its customer, especially with the current volatility in food inflation. The directors continually review and remove unnecessary cost from the businesses operations to ensure sustainability and efficiency going forward.

G.W.Proudfoot Limited (Registered number: 00503044)

Strategic Report

for the year ended 22 March 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider the main risks and uncertainties affecting the company as competition from national supermarket chains and the current economic climate. The current climate continues to be highly competitive as the demands of the general customer changes and a real cost of living crisis becomes more prevalent. Proudfoot continues to invest in its stores, structure and retail offering to combat the aforementioned risks and adjust to the changing needs of the communities it serves.

FINANCIAL RISK MANAGEMENT

The company's operations expose it to a variety of financial risks that include market prices and liquidity. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company.

Price Risk

The company is exposed to commodity price risk as a result of its operations. Global external factors of recent years have created considerable volatility to the market impacting the cost of goods. This has contributed to food inflation across the UK market and supply chain

Liquidity Risk

The company manages liquidity risk by monitoring and retaining adequate cash available for daily operations and capital expenditure.

Property Risk

The company has a number of properties that are not used for its own retail activities, which are leased to third parties. All properties are monitored to ensure an acceptable level of return is generated. All leases are subject to regular rent reviews.

The company's commercial property portfolio is susceptible to the risks attached to the risks highlighted above and the possible effects they may have on the market as a whole.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The directors have considered the financial risk management objectives and policies appropriate to the company and such information is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company.

The directors are confident that the funding in place is more than adequate for the company's working capital requirements. All sales and purchases are made in sterling, therefore the company is not exposed to any significant currency risks. The directors are satisfied that credit risk is adequately managed and the level of bad debts is consistent with the nature of the industry.

ON BEHALF OF THE BOARD:

Mr M A Proudfoot - Director

7 May 2026

G.W.Proudfoot Limited (Registered number: 00503044)

Report of the Directors

for the year ended 22 March 2025

The directors present their report with the financial statements of the company for the year ended 22 March 2025.

DIVIDENDS

No dividends will be distributed for the year ended 22 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 23 March 2024 to the date of this report.

Mr M A Proudfoot

Mr I A Proudfoot

Mr D P Armstrong

Mr M A Proudfoot

Mrs V Aston

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), 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 and then apply them consistently;

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

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

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

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 company'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 company's auditors are aware of that information.

G.W.Proudfoot Limited (Registered number: 00503044)

Report of the Directors

for the year ended 22 March 2025

AUDITORS

The auditors, SMH Jolliffe Cork Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M A Proudfoot - Director

7 May 2026

Report of the Independent Auditors to the Members of

G.W.Proudfoot Limited

Opinion

We have audited the financial statements of G.W.Proudfoot Limited (the 'company') for the year ended 22 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 22 March 2025 and of its loss for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 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 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 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

G.W.Proudfoot Limited

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 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, 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 Statement of Directors' Responsibilities set out on page four, 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 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.

Report of the Independent Auditors to the Members of

G.W.Proudfoot 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:

Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- |  | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |

- |  | we identified the laws and regulations applicable to the company through discussions with the Directors and other informed management which we considered may have a direct material effect on the financial statements or the operations of the company and thereafter, the audit team remained alert to instances of non-compliance throughout the audit. |

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- |  | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and; |

- |  | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; |

To address the risk of fraud through management bias and override of controls, we:

- |  | performed analytical procedures to identify any unusual or unexpected relationships; |

- |  | tested journal entries to identify unusual transactions; |

- |  | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. |

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- |  | agreeing financial statement disclosures to underlying supporting documentation; |

- |  | enquiring of management as to actual and potential litigation and claims and reviewing correspondence with HMRC and the company's legal advisors. |

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

G.W.Proudfoot 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.

Claire Lawton FCA DChA (Senior Statutory Auditor)

for and on behalf of SMH Jolliffe Cork Audit Ltd

Accountants & Statutory Auditors

33 George Street

Wakefield

West Yorkshire

WF1 1LX

7 May 2026

G.W.Proudfoot Limited (Registered number: 00503044)

Income Statement

for the year ended 22 March 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

TURNOVER | 3 | 19,606,444 |  | 19,944,153 |  |

Cost of sales | 14,713,831 |  | 14,787,656 |  |

GROSS PROFIT | 4,892,613 |  | 5,156,497 |  |

Administrative expenses | 5,255,896 |  | 4,823,946 |  |

(363,283 | ) | 332,551 |  |

Other operating income | 4 | 225,798 |  | 195,102 |  |

OPERATING (LOSS)/PROFIT | 6 | (137,485 | ) | 527,653 |  |

Fair value adjustment on investments | 8 | 210,988 |  | 86,472 |  |

(348,473 | ) | 441,181 |  |

Income from fixed asset investments | 2,495 |  | 2,091 |  |

Interest receivable and similar income | 9 | 116,658 |  | 106,358 |  |

|  |  | 119,153 |  |  |  |  | 108,449 |  |

(229,320 | ) | 549,630 |  |

Interest payable and similar charges | 10 | 406,450 |  | 335 |  |

(LOSS)/PROFIT BEFORE TAXATION | (635,770 | ) | 549,295 |  |

Tax on (loss)/profit | 11 | (186,053 | ) | 128,599 |  |

(LOSS)/PROFIT FOR THE FINANCIAL YEAR | (449,717 | ) | 420,696 |  |

G.W.Proudfoot Limited (Registered number: 00503044)

Other Comprehensive Income

for the year ended 22 March 2025

2025 | 2024 |

| Notes | £ | £

(LOSS)/PROFIT FOR THE YEAR | (449,717 | ) | 420,696 |  |

OTHER COMPREHENSIVE INCOME |

Deferred tax on freehold property

revaluations | 22,652 |  | - |  |

Income tax relating to other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | 22,652 |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (427,065 | ) | 420,696 |  |

G.W.Proudfoot Limited (Registered number: 00503044)

Balance Sheet

22 March 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Intangible assets | 13 | - |  | - |  |

Tangible assets | 14 | 10,001,082 |  | 9,129,027 |  |

Investments | 15 | 67,757 |  | 267,602 |  |

Investment property | 16 | 1,104,479 |  | 1,104,479 |  |

11,173,318 |  | 10,501,108 |  |

CURRENT ASSETS

Stocks | 17 | 1,678,234 |  | 1,556,776 |  |

Debtors | 18 | 240,177 |  | 1,397,592 |  |

Cash at bank and in hand | 2,843,248 |  | 2,704,903 |  |

4,761,659 |  | 5,659,271 |  |

CREDITORS

Amounts falling due within one year | 19 | 2,111,290 |  | 1,909,071 |  |

NET CURRENT ASSETS | 2,650,369 |  | 3,750,200 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 13,823,687 |  | 14,251,308 |  |

CREDITORS

Amounts falling due after more than one year | 20 | (194 | ) | (2,455 | ) |

PROVISIONS FOR LIABILITIES | 23 | (428,392 | ) | (426,687 | ) |

NET ASSETS | 13,395,101 |  | 13,822,166 |  |

G.W.Proudfoot Limited (Registered number: 00503044)

Balance Sheet - continued

22 March 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

CAPITAL AND RESERVES

Called up share capital | 24 | 26,403 |  | 26,403 |  |

Share premium | 25 | 567,664 |  | 567,664 |  |

Revaluation reserve | 25 | 1,736,266 |  | 1,699,546 |  |

Capital redemption reserve | 25 | 3,597 |  | 3,597 |  |

Retained earnings | 25 | 11,061,171 |  | 11,524,956 |  |

SHAREHOLDERS' FUNDS | 13,395,101 |  | 13,822,166 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2026 and were signed on its behalf by:

Mr M A Proudfoot - Director

G.W.Proudfoot Limited (Registered number: 00503044)

Statement of Changes in Equity

for the year ended 22 March 2025

Called up |  |

share | Retained | Share |

capital | earnings | premium |

| £ | £ | £

Balance at 23 March 2023 | 26,403 |  | 11,254,757 |  | 567,664 |  |

Changes in equity

Dividends | - |  | (150,497 | ) | - |  |

Total comprehensive income | - |  | 420,696 |  | - |  |

Balance at 22 March 2024 | 26,403 |  | 11,524,956 |  | 567,664 |  |

Changes in equity

Transfer between reserves | - |  | (14,068 | ) | - |  |

Total comprehensive income | - |  | (449,717 | ) | - |  |

Balance at 22 March 2025 | 26,403 |  | 11,061,171 |  | 567,664 |  |

Capital |  |

Revaluation | redemption | Total |

reserve | reserve | equity |

| £ | £ | £

Balance at 23 March 2023 | 1,699,546 |  | 3,597 |  | 13,551,967 |  |

Changes in equity

Dividends | - |  | - |  | (150,497 | ) |

Total comprehensive income | - |  | - |  | 420,696 |  |

Balance at 22 March 2024 | 1,699,546 |  | 3,597 |  | 13,822,166 |  |

Changes in equity

Transfer between reserves | 14,068 |  | - |  | - |  |

Total comprehensive income | 22,652 |  | - |  | (427,065 | ) |

Balance at 22 March 2025 | 1,736,266 |  | 3,597 |  | 13,395,101 |  |

G.W.Proudfoot Limited (Registered number: 00503044)

Cash Flow Statement

for the year ended 22 March 2025

2025 | 2024 |

| Notes | £ | £

Cash flows from operating activities

Cash generated from operations | 1 | 1,695,084 |  | (563,121 | ) |

Interest paid | (406,143 | ) | - |  |

Interest element of hire purchase payments paid | (307 | ) | (335 | ) |

Tax paid | 6,525 |  | (21,135 | ) |

Net cash from operating activities | 1,295,159 |  | (584,591 | ) |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,066,997 | ) | (110,936 | ) |

Purchase of fixed asset investments | (11,143 | ) | (16,500 | ) |

Interest received | 116,658 |  | 106,358 |  |

Dividends received | 2,495 |  | 2,091 |  |

Net cash from investing activities | (958,987 | ) | (18,987 | ) |

Cash flows from financing activities

Capital repayments in year | (2,261 | ) | (2,466 | ) |

Amount withdrawn by directors | (195,566 | ) | (465,782 | ) |

Equity dividends paid | - |  | (150,497 | ) |

Net cash from financing activities | (197,827 | ) | (618,745 | ) |

Increase/(decrease) in cash and cash equivalents | 138,345 |  | (1,222,323 | ) |

Cash and cash equivalents at beginning of year | 2 | 2,704,903 |  | 3,927,226 |  |

Cash and cash equivalents at end of year | 2 | 2,843,248 |  | 2,704,903 |  |

G.W.Proudfoot Limited (Registered number: 00503044)

Notes to the Cash Flow Statement

for the year ended 22 March 2025

1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025 | 2024 |

| £ | £

| (Loss)/profit before taxation | (635,770 | ) | 549,295 |  |

| Depreciation charges | 194,942 |  | 219,111 |  |

| Fair value adjustment | 210,988 |  | 86,472 |  |

| Finance costs | 406,450 |  | 335 |  |

| Finance income | (119,153 | ) | (108,449 | ) |

57,457 |  | 746,764 |  |

| (Increase)/decrease in stocks | (121,458 | ) | 78,074 |  |

| Decrease/(increase) in trade and other debtors | 1,207,212 |  | (1,224,669 | ) |

| Increase/(decrease) in trade and other creditors | 551,873 |  | (163,290 | ) |

| Cash generated from operations | 1,695,084 |  | (563,121 | ) |

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 22 March 2025

| 22.3.25 |  | 23.3.24

| £ | £

| Cash and cash equivalents | 2,843,248 |  | 2,704,903 |  |

| Year ended 22 March 2024

| 22.3.24 |  | 23.3.23

| £ | £

| Cash and cash equivalents | 2,704,903 |  | 3,927,226 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 23.3.24 | Cash flow | At 22.3.25

| £ | £ | £

| Net cash |

| Cash at bank and in hand | 2,704,903 |  | 138,345 |  | 2,843,248 |  |

2,704,903 |  | 138,345 |  | 2,843,248 |  |

| Debt

| Finance leases | (4,921 | ) | 2,261 |  | (2,660 | ) |

(4,921 | ) | 2,261 |  | (2,660 | ) |

| Total | 2,699,982 |  | 140,606 |  | 2,840,588 |  |

G.W.Proudfoot Limited (Registered number: 00503044)

Notes to the Financial Statements

for the year ended 22 March 2025

1. | STATUTORY INFORMATION

| G.W.Proudfoot 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 Company Information page.

| The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Significant judgements and estimates

| Preparation of the financial statements requires management to make significant judgements and estimates. Estimates and Judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these judgements and estimates have been made include:

| (i) Useful economic lives of tangible assets

| The annual amortisation and depreciation charges for intangible and tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

| (ii) Stock provisions

| When calculating the stock provisions, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability.

| (iii) Impairment of investments and financial loans

| The company makes an estimate of the recoverable value of investments and financial loans when no external valuation is readily available. When assessing the impairment of these items, management considers factors including the expected future returns and historical experience.

| Revenue recognition

| Turnover represents the retail sale of goods in-store to customers which excludes VAT and is net of returns, staff discounts, coupons, vouchers and the free element of multi-save transactions.

| Other operating income includes rents receivable, National Lottery and other commissions, along with Post Office salaries receivable, which are all recognised on an accruals basis.

| Goodwill

| Goodwill, being the amount paid in connection with the acquisition of a business in 2013, was amortised evenly over its estimated useful life of three years.

| 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.

G.W.Proudfoot Limited (Registered number: 00503044)

Notes to the Financial Statements - continued

for the year ended 22 March 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Fixtures and fittings | - | 50% on cost, 33% on cost, 20% on cost and 10% on cost

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 100% on cost, 50% on cost, 33% on cost and 20% on cost

| Fixed assets are initially recorded at cost.

| Land included in Freehold land and property is not depreciated.

| The company has adopted a revaluation model for its freehold property whose fair value can be measured reliably without undue cost or effort. The freehold property has been measured a fair value at each reporting date with changes in fair value recognised in the statement of Other Comprehensive Income.

| Fair value has been determined by the directors having taken the appropriate professional advice and based on similar properties in the local area.

| Investment property

| Investment property whose fair value can be measured reliably without undue cost or effort has been measured a fair value at each reporting date with changes in fair value recognised in the income statement.

| Fair value has been determined by the directors having taken the appropriate professional advice and based on similar properties in the local area.

| Stocks

| Stocks are valued at the lower of cost or net realisable value as determined primarily by the retail method of accounting. The retail method of accounting results in stock being valued at the lower of cost or net realisable value since permanent markdowns are immediately recorded as a reduction of the retail value of the stocks.

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

G.W.Proudfoot Limited (Registered number: 00503044)

Notes to the Financial Statements - continued

for the year ended 22 March 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

| Financial assets

| Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

| The company has no 'Other financial assets'.

| Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

| Financial liabilities

| Basic financial liabilities, including trade and other creditors and hire purchase contracts, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

| The company has no 'Other financial liabilities'.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Taxation

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

| Taxation

| 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.

| Pension costs and other post-retirement benefits

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

| Operating lease commitments

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

G.W.Proudfoot Limited (Registered number: 00503044)

Notes to the Financial Statements - continued

for the year ended 22 March 2025

2. | ACCOUNTING POLICIES - continued

| Fixed asset investments

| The basis of valuation for each category of fixed asset investment is as follows:

| (i) Pooled investment funds

| Pooled investment funds are valued by reference to bid prices at the close of business on the reporting date.

| (ii) Syndicated property units

| The fair value of the Syndicated property units is determined by the in-house professional valuers of the administrators of the Syndicated property units.

| (iii) Other fixed asset investments

| Other fixed asset investments are initially recorded at cost less impairment for any diminution in value which is expected to be permanent.

| Where the fair value can be measured reliably without undue cost or effort then the fixed asset investment has been measured a fair value at each reporting date with changes in fair value recognised in the income statement.

| Syndication loans

| Syndication loans are recorded at the amount advanced less any capital repayments received in the period. The loans are repayable in accordance with the terms of the loan agreement; interest is recognised upon each repayment of a proportion of the amount advanced.

3. | TURNOVER

| The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

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

2025 | 2024 |

| £ | £

| Grocery sales (net of vat) | 19,606,444 |  | 19,944,153 |  |

19,606,444 |  | 19,944,153 |  |

4. | OTHER OPERATING INCOME

2025 | 2024 |

| £ | £

| Rents receivable | 87,660 |  | 72,654 |  |

| National Lottery and other

| commissions | 49,943 |  | 27,947 |  |

| Post Office salaries receivable | 88,195 |  | 94,501 |  |

225,798 |  | 195,102 |  |

G.W.Proudfoot Limited (Registered number: 00503044)

Notes to the Financial Statements - continued

for the year ended 22 March 2025

5. | EMPLOYEES AND DIRECTORS

2025 | 2024 |

| £ | £

| Wages and salaries | 2,866,251 |  | 2,687,138 |  |

| Social security costs | 208,828 |  | 184,898 |  |

| Other pension costs | 49,740 |  | 46,143 |  |

3,124,819 |  | 2,918,179 |  |

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

2025 | 2024 |

| Directors | 5 |  | 5 |  |

| Administration | 14 |  | 16 |  |

| Others | 139 |  | 140 |  |

158 |  | 161 |  |

2025 | 2024 |

| £ | £

| Directors' remuneration | 152,720 |  | 148,520 |  |

6. | OPERATING (LOSS)/PROFIT

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

2025 | 2024 |

| £ | £

| Depreciation - owned assets | 193,855 |  | 217,661 |  |

| Depreciation - assets on hire purchase contracts | 1,087 |  | 1,450 |  |

7. | AUDITORS' REMUNERATION

|  | 2025 |  |  | 2024 |  |

| Fees payable to the company's auditor in respect of: |  | £ |  |  | £ |  |

| Audit of the company's financial statements |  | 24,750 |  |  | 24,750 |  |

| Services relating to taxation |  | 3,000 |  |  | 2,750 |  |

| Other services |  | 35,783 |  |  | 38,159 |  |

|  | 63,533 |  |  | 65,659 |  |

8. | EXCEPTIONAL ITEMS

2025 | 2024 |

| £ | £

| Fair value adjustment on investments | (210,988 | ) | (86,472 | ) |

G.W.Proudfoot Limited (Registered number: 00503044)

Notes to the Financial Statements - continued

for the year ended 22 March 2025

9. | INTEREST RECEIVABLE AND SIMILAR INCOME |

2025 | 2024 |

| £ | £

| Deposit account interest | 56,250 |  | 44,529 |  |

| Interest received on corporation tax | 3,433 |  | - |  |

| Interest on directors loan | 96 |  | - |  |

| Other interest receivable | 56,879 |  | 61,829 |  |

116,658 |  | 106,358 |  |

10. | INTEREST PAYABLE AND SIMILAR CHARGES |

2025 | 2024 |

| £ | £

| Interest on late paid corporation tax | 406,143 |  | - |  |

| Hire purchase | 307 |  | 335 |  |

406,450 |  | 335 |  |

11. | TAXATION

| Analysis of the tax (credit)/charge

| The tax (credit)/charge on the loss for the year was as follows:

2025 | 2024 |

| £ | £

| Current tax:

| UK corporation tax | - |  | 180,905 |  |

| (Over)/under provision in

| prior years | (210,410 | ) | (10,002 | ) |

| Total current tax | (210,410 | ) | 170,903 |  |

| Deferred tax | 24,357 |  | (42,304 | ) |

| Tax on (loss)/profit | (186,053 | ) | 128,599 |  |

G.W.Proudfoot Limited (Registered number: 00503044)

Notes to the Financial Statements - continued

for the year ended 22 March 2025

11. | TAXATION - continued

| Reconciliation of total tax (credit)/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 |

| £ | £

| (Loss)/profit before tax | (635,770 | ) | 549,295 |  |

| (Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | (158,943 | ) | 137,324 |  |

| Effects of:

| Expenses not deductible for tax purposes | 408 |  | 1,058 |  |

| Adjustments to tax charge in respect of previous periods | (210,410 | ) | (10,002 | ) |

| Adjustments to deferred tax in respect of previous periods | - |  | 1,653 |  |

| Other timing differences | 913 |  | (360 | ) |

| Losses carried back | 181,979 |  | - |  |

| Current tax rate change | - |  | (1,074 | ) |

| Total tax (credit)/charge | (186,053 | ) | 128,599 |  |

| Tax effects relating to effects of other comprehensive income |

2025 |

| Gross |  | Tax |  | Net |

| £ | £ | £

| Deferred tax on freehold property

| revaluations | 22,652 |  | - |  | 22,652 |  |

22,652 |  | - |  | 22,652 |  |

12. | DIVIDENDS

2025 | 2024 |

| £ | £

| Interim | - |  | 150,497 |  |

G.W.Proudfoot Limited (Registered number: 00503044)

Notes to the Financial Statements - continued

for the year ended 22 March 2025

13. | INTANGIBLE FIXED ASSETS

Goodwill |

| £

| COST

| At 23 March 2024 | 110,000 |  |

| Disposals | (110,000 | ) |

| At 22 March 2025 | - |  |

| AMORTISATION

| At 23 March 2024 | 110,000 |  |

| Eliminated on disposal | (110,000 | ) |

| At 22 March 2025 | - |  |

| NET BOOK VALUE

| At 22 March 2025 | - |  |

| At 22 March 2024 | - |  |

14. | TANGIBLE FIXED ASSETS

Freehold | Fixtures |  |

land & | and | Motor | Computer |  |

property | fittings | vehicles | equipment | Totals |

| £ | £ | £ | £ | £

| COST OR VALUATION

| At 23 March 2024 | 8,209,089 |  | 3,442,572 |  | 140,871 |  | 229,973 |  | 12,022,505 |  |

| Additions | 222,623 |  | 841,869 |  | - |  | 2,505 |  | 1,066,997 |  |

| Disposals | - |  | (1,682,064 | ) | (79,280 | ) | (121,891 | ) | (1,883,235 | ) |

| At 22 March 2025 | 8,431,712 |  | 2,602,377 |  | 61,591 |  | 110,587 |  | 11,206,267 |  |

| DEPRECIATION

| At 23 March 2024 | - |  | 2,571,600 |  | 125,232 |  | 196,646 |  | 2,893,478 |  |

| Charge for year | - |  | 174,404 |  | 9,899 |  | 10,639 |  | 194,942 |  |

| Eliminated on disposal | - |  | (1,682,064 | ) | (79,280 | ) | (121,891 | ) | (1,883,235 | ) |

| At 22 March 2025 | - |  | 1,063,940 |  | 55,851 |  | 85,394 |  | 1,205,185 |  |

| NET BOOK VALUE

| At 22 March 2025 | 8,431,712 |  | 1,538,437 |  | 5,740 |  | 25,193 |  | 10,001,082 |  |

| At 22 March 2024 | 8,209,089 |  | 870,972 |  | 15,639 |  | 33,327 |  | 9,129,027 |  |

| The freehold properties are stated at their fair value at the balance sheet date. The fair value has been considered by reference to the market value of the properties and has been determined by the directors after taking the appropriate professional advice.

G.W.Proudfoot Limited (Registered number: 00503044)

Notes to the Financial Statements - continued

for the year ended 22 March 2025

14. | TANGIBLE FIXED ASSETS - continued

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor |

vehicles |

| £

| COST OR VALUATION

| At 23 March 2024

| and 22 March 2025 | 15,872 |  |

| DEPRECIATION

| At 23 March 2024 | 11,523 |  |

| Charge for year | 1,087 |  |

| At 22 March 2025 | 12,610 |  |

| NET BOOK VALUE

| At 22 March 2025 | 3,262 |  |

| At 22 March 2024 | 4,349 |  |

15. | FIXED ASSET INVESTMENTS

Pooled |

investment |

funds |

| £

| COST OR VALUATION

| At 23 March 2024 | 267,602 |  |

| Additions | 11,143 |  |

| Revaluations | (210,988 | ) |

| At 22 March 2025 | 67,757 |  |

| NET BOOK VALUE

| At 22 March 2025 | 67,757 |  |

| At 22 March 2024 | 267,602 |  |

16. | INVESTMENT PROPERTY

Total |

| £

| FAIR VALUE

| At 23 March 2024

| and 22 March 2025 | 1,104,479 |  |

| NET BOOK VALUE

| At 22 March 2025 | 1,104,479 |  |

| At 22 March 2024 | 1,104,479 |  |

G.W.Proudfoot Limited (Registered number: 00503044)

Notes to the Financial Statements - continued

for the year ended 22 March 2025

16. | INVESTMENT PROPERTY - continued

| The investment properties are stated at their fair value at the balance sheet date. The fair value has been considered by reference to the market value of the properties and has been determined by the directors after taking the appropriate professional advice.

17. | STOCKS

2025 | 2024 |

| £ | £

| Stocks | 1,678,234 |  | 1,556,776 |  |

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

2025 | 2024 |

| £ | £

| Other debtors | 6,425 |  | 9,122 |  |

| Short term syndication loans | - |  | 1,200,000 |  |

| Directors' current accounts | 19,036 |  | - |  |

| Tax | 30,761 |  | - |  |

| Prepayments | 183,955 |  | 188,470 |  |

240,177 |  | 1,397,592 |  |

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

2025 | 2024 |

| £ | £

| Hire purchase contracts (see note 21) | 2,466 |  | 2,466 |  |

| Trade creditors | 1,566,886 |  | 1,360,673 |  |

| Tax | 6,525 |  | 179,649 |  |

| Social security and other taxes | 43,071 |  | 37,594 |  |

| VAT | 7,828 |  | 79,346 |  |

| Directors' current accounts | 38,682 |  | 215,212 |  |

| Accruals and deferred income | 445,832 |  | 34,131 |  |

2,111,290 |  | 1,909,071 |  |

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

2025 | 2024 |

| £ | £

| Hire purchase contracts (see note 21) | 194 |  | 2,455 |  |

G.W.Proudfoot Limited (Registered number: 00503044)

Notes to the Financial Statements - continued

for the year ended 22 March 2025

21. | LEASING AGREEMENTS

| Minimum lease payments under hire purchase fall due as follows:

2025 | 2024 |

| £ | £

| Net obligations repayable:

| Within one year | 2,466 |  | 2,466 |  |

| Between one and five years | 194 |  | 2,455 |  |

2,660 |  | 4,921 |  |

22. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

| £ | £

| Hire purchase contracts | 2,660 |  | 4,921 |  |

| Obligations under hire purchase are secured against the asset to which they relate.

23. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

| £ | £

| Deferred tax | 428,392 |  | 426,687 |  |

Deferred tax |

| £

| Balance at 23 March 2024 | 426,687 |  |

| Accelerated capital allowances | 169,335 |  |

| Revaluation of investments | (52,360 | ) |

| Freehold property revaluation | (22,652 | ) |

| Tax losses carried forward | (92,618 | ) |

| Balance at 22 March 2025 | 428,392 |  |

24. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

value: |  | £ | £

| 52,806 | Ordinary | 50p | 26,403 |  | 26,403 |  |

G.W.Proudfoot Limited (Registered number: 00503044)

Notes to the Financial Statements - continued

for the year ended 22 March 2025

25. | RESERVES

Capital |  |

Retained | Share | Revaluation | redemption |  |

earnings | premium | reserve | reserve | Totals |

| £ | £ | £ | £ | £

| At 23 March 2024 | 11,524,956 |  | 567,664 |  | 1,699,546 |  | 3,597 |  | 13,795,763 |  |

| Deficit for the year | (449,717 | ) | (449,717 | ) |

| Revaluations | - |  | - |  | 22,652 |  | - |  | 22,652 |  |

| Transfer between reserves | (14,068 | ) | - |  | 14,068 |  | - |  | - |  |

| At 22 March 2025 | 11,061,171 |  | 567,664 |  | 1,736,266 |  | 3,597 |  | 13,368,698 |  |

| Included within retained earnings at 22 March 2025 is an amount of £14,146 (2024: £172,774) which is non-distributable. This relates to an accumulated increase in the fair value of investments held by the Company.

26. | CONTINGENT LIABILITIES

| The company has an interest in the Ingenious Big Screen 5 Partnership and there is the potential for an historical corporation tax obligation being levied upon the company, based on HMRC rulings that have been concluded in respect of other Ingenious Partnerships.

| There is continued uncertainty related to the correct treatment of the Ingenious Big Screen 5 Partnership and HMRC's ability to assess it on the company, and a further appeal is due to be heard at the Upper Tribunal scheduled for September 2026.

| After taking independent professional taxation advice, an assessment of the information that is currently available has been used to estimate the possible worst-case scenario for the tax liability that the company could incur, which has been estimated at c.£1.750m.

| Given that the amount due cannot at this stage be reliably determined and the uncertainty regarding the conclusion of this matter, no provision is made in the financial statements. This disclosure is the best estimate of the company's potential obligation with the benefit of the information known to date.

27. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 22 March 2025 and 22 March 2024:

2025 | 2024 |

| £ | £

| Mr M A Proudfoot

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

| Amounts advanced | 19,036 |  | - |  |

| Amounts repaid | - |  | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 19,036 |  | - |  |

28. | RELATED PARTY DISCLOSURES

| The company was under the control of Mr M A Proudfoot and Mr I A Proudfoot throughout the current and previous year.