Company registration number 06336261 (England and Wales)
JYSK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
JYSK LIMITED
COMPANY INFORMATION
Directors
M Nielsen
S L Jacobsen
R Jensen
Secretary
S L Jacobsen
Company number
06336261
Registered office
1st Floor Biostat House
Pepper Road
Hazel Grove
Stockport
SK7 5BW
Auditor
Mitchell Charlesworth (Audit) Limited
3rd Floor
44 Peter Street
Manchester
M2 5GP
JYSK LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 21
JYSK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 1 -

The directors present the strategic report for the year ended 31 August 2025.

Review of the business

JYSK entered the year operating 27 retail stores across England, as well as operating online. At the year-end 25 retail stores were in operation, we did not extend the lease on two stores in: Ellesmere Port and Dewsbury. There continues to be an unsettled Retail market in the UK, as a result of increases in ‘Cost of Living’ and challenges in ‘Supply Chain’. The company plans on creating growth through expansion of the retail estate over the coming years and investments in existing stores. The Business made a loss in the period, which is deconstructed on page 8, however, Turnover development improved over the course of the year, with the quantity of transactions and customers increasing across the portfolio. Continued proactive cost management in addition to sales growth reduced the periodic loss compared to previous periods. There were increases in costs in some areas due to the longer-term investment plan for improvements in the existing store portfolio, in line with the overall strategy to bring JYSK closer to the customer and to ensure enhanced customer experience. JYSK is confident in the business model and the potential for the group to develop further within the UK market. Growth of the site portfolio and recognition of the JYSK brand will be key drivers for the future. The Company monitors its ability to compete across all areas including price, range, and quality of product and service on an ongoing basis to ensure that it remains competitive. Due to the scale of JYSK internationally, customers within JYSK UK are able to benefit from fantastic purchasing power. The company continues to expect an unsettled and challenging retail market within the United Kingdom and are satisfied to report a revenue growth of 9% in the period. The increase in revenue and investment in the retail estate is driven by our business model, which positioned us well to support communities across the UK and respond rapidly and effectively to the changing environment. Total Revenue was £47.8m compared to £43.9m in the prior year.

Principal risks and uncertainties

Competitive pressure in the market is an ongoing risk for the company, as it is in most markets; however the company has gained sales over the last year by concentrated marketing campaigns and strong performance online. The Company’s objective is to invest with the focus being placed on developing the profitability of the current store portfolio and online business, as well as through the opening of new stores with the continued support of the parent company and engagement of staff. JYSK is focused on working through any challenging economic environments through our strategy of putting the customer first. Turnover growth will take the form of moderate growth from the existing business and the opening of new stores.

Key performance indicators

Management uses financial KPIs to assess the performance of the Company. These include KPls for all stores on store level and online, for example: turnover, gross profit margin, sales per receipt and current year articles per receipt.

Turnover £47,036k (2024 - £43,858k). Gross profit £24,036k (2024 - £21,568).

On behalf of the board

S L Jacobsen
Director
10 November 2025
JYSK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 August 2025.

Principal activities

The principal activity of the company continued to be that of the operation of retail stores within the UK.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

M Nielsen
S L Jacobsen
R Jensen
Statement of directors' responsibilities

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

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

- 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.

Strategic report

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

JYSK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -
Statement of disclosure to auditor

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

On behalf of the board
S L Jacobsen
R Jensen
Director
Director
10 November 2025
JYSK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JYSK LIMITED
- 4 -
Opinion

We have audited the financial statements of JYSK Limited (the 'company') for the year ended 31 August 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 August 2025 and of its loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- 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.

JYSK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JYSK LIMITED (CONTINUED)
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, 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' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

Auditor's responsibilities for the audit of the financial statements

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

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.

JYSK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JYSK LIMITED (CONTINUED)
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- the company's own assessment of the risks that irregularities may occur either as a result of fraud or error;

- the results of our enquiries of management and members of the Board of Directors of their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the following area: the timing of the recognition of revenue. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local taxation legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included Data Protection Regulations.

JYSK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JYSK LIMITED (CONTINUED)
- 7 -
Audit response to risks identified

As a result of performing the above, we identified the timing of the recognition of revenue as the key audit matter related to the potential risk of fraud.

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;

- enquiring of management and members of the Board of Directors concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance and reviewing correspondence with relevant authorities where matters identified were significant; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

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

Alison Buckley (Senior Statutory Auditor)
For and on behalf of Mitchell Charlesworth (Audit) Limited, Statutory Auditor
Accountants
3rd Floor
44 Peter Street
Manchester
M2 5GP
10 November 2025
JYSK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
47,035,745
43,857,626
Cost of sales
(22,999,982)
(22,289,971)
Gross profit
24,035,763
21,567,655
Distribution costs
(13,784,996)
(14,773,357)
Administrative expenses
(10,707,838)
(10,014,068)
Operating loss
4
(457,071)
(3,219,770)
Interest receivable and similar income
6
604,037
286,494
Interest payable and similar expenses
7
(824,771)
(291,729)
Loss before taxation
(677,805)
(3,225,005)
Tax on loss
8
-
0
-
0
Loss for the financial year
(677,805)
(3,225,005)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

JYSK LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
6,425,365
7,745,174
Current assets
Stocks
10
3,981,353
4,134,105
Debtors
11
2,797,859
2,456,417
6,779,212
6,590,522
Creditors: amounts falling due within one year
12
(9,062,062)
(9,515,376)
Net current liabilities
(2,282,850)
(2,924,854)
Net assets
4,142,515
4,820,320
Capital and reserves
Called up share capital
16
36,900,000
36,900,000
Profit and loss reserves
17
(32,757,485)
(32,079,680)
Total equity
4,142,515
4,820,320

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 10 November 2025 and are signed on its behalf by:
S L Jacobsen
R Jensen
Director
Director
Company registration number 06336261 (England and Wales)
JYSK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2025
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 September 2023
36,900,000
(28,854,675)
8,045,325
Year ended 31 August 2024:
Loss and total comprehensive income
-
(3,225,005)
(3,225,005)
Balance at 31 August 2024
36,900,000
(32,079,680)
4,820,320
Year ended 31 August 2025:
Loss and total comprehensive income
-
(677,805)
(677,805)
Balance at 31 August 2025
36,900,000
(32,757,485)
4,142,515
JYSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 11 -
1
Accounting policies
Company information

JYSK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Biostat House, Pepper Road, Hazel Grove, Stockport, SK7 5BW.

1.1
Basis of preparation

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

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

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

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

The financial statements of the company are consolidated in the financial statements of LLG A/S as at 31 August 2025. These consolidated financial statements are available from its registered office, Sodalsparken 18, Braband, DK-8220, Denmark.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true

In forming this view, the directors have considered the continued financial support of the group, which has confirmed that it will provide such support as is necessary to enable the company to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements.

1.3
Turnover

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

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

JYSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Tangible fixed assets

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

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

Leasehold improvements
over the lease period
Fixtures and fittings
5 years
Computers
3 years
Motor vehicles
4 years

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

1.5
Impairment of fixed assets

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

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

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

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

1.6
Stocks

Stocks are measured at the lower of weighted average prices and net realisable value. The net realisable value of stock is calculated as the total of future sales revenues expected, at the reporting date, to be generated by stock in the process of normal operations and allowing for marketability, obsolescence and development in expected sales less the estimated expenses necessary to make the sale.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

JYSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 13 -
1.8
Financial instruments

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

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

JYSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Other financial liabilities

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

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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

1.10
Employee benefits

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

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

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

1.11
Retirement benefits

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

1.12
Leases
As lessee

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

JYSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 15 -
1.13
Foreign exchange

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

1.14

Finance costs

Finance costs are charged to the profit or loss over the term of the debt so that the amount charges is at a constant rate ion the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

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

Leases

Determine whether leases entered into by the company as a lessee are either operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Impairment of tangible assets

Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such decision include the economic viability and expected future financial performance of the asset and where it is component of a larger cash-generating unit, the viability and expected future performance of that unit.

Warranty provision

The company has recognised a provision for warranties in respect of products sold. The amount of the provision requires the directors to make judgements about the likelihood and cost of future warranty claims, based on historical trends and current information available.

Key sources of estimation uncertainty

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

JYSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 16 -
Stocks

The company review their stock holding at the year end and asses the need for any provision to ensure that the stock is held at the lower of its cost and net realisable value. Any provision is based on the directors view of the selling price of the stock held given the current market conditions and the condition of stock.

3
Turnover and other revenue
2025
2024
£
£
Other revenue
Interest income
604,037
286,494
4
Operating loss
2025
2024
Operating loss for the year is stated after charging:
£
£
Exchange losses
157,123
73,322
Fees payable to the company's auditor for the audit of the company's financial statements
12,500
11,750
Depreciation of tangible fixed assets
1,551,855
1,516,498
Operating lease charges
2,706,967
2,804,803
5
Employees

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

2025
2024
Number
Number
Management
7
7
Administration
151
144
Total
158
151

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
5,886,646
5,204,883
Social security costs
465,376
393,080
Pension costs
84,494
83,053
6,436,516
5,681,016
JYSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 17 -
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
604,037
286,494
7
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
824,771
291,729
8
Taxation

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

2025
2024
£
£
Loss before taxation
(677,805)
(3,225,005)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(169,451)
(806,251)
Tax effect of expenses that are not deductible in determining taxable profit
848
3,251
Fixed asset differences
327,952
213,000
Deferred tax not recognised
(159,349)
590,000
Taxation charge for the year
-
-

At the year-end the company had unutilised tax losses of £29,947k (2024 - £30,860k) available for offset against the future profits of the company.

A potential deferred tax asset of £7,328k (2024 - £7,281k) has not been recognised in respect of losses carried forward on the basis that they may not be recovered in the foreseeable future.

JYSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 18 -
9
Tangible fixed assets
Leasehold improvements
Assets under construction
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2024
8,308,925
73,706
3,970,448
452,311
249,089
13,054,479
Additions
113,622
1,965
56,639
-
0
94,787
267,013
Disposals
(126,036)
-
0
(223,738)
(30,365)
(80,067)
(460,206)
At 31 August 2025
8,296,511
75,671
3,803,349
421,946
263,809
12,861,286
Depreciation and impairment
At 1 September 2024
2,705,758
-
0
2,212,792
295,389
95,366
5,309,305
Depreciation charged in the year
847,727
-
0
559,490
78,271
66,367
1,551,855
Eliminated in respect of disposals
(126,036)
-
0
(212,334)
(23,690)
(63,179)
(425,239)
At 31 August 2025
3,427,449
-
0
2,559,948
349,970
98,554
6,435,921
Carrying amount
At 31 August 2025
4,869,062
75,671
1,243,401
71,976
165,255
6,425,365
At 31 August 2024
5,603,167
73,706
1,757,656
156,922
153,723
7,745,174
10
Stocks
2025
2024
£
£
Finished goods and goods for resale
3,981,353
4,134,105

There is no material difference between the carrying value of stock and its replacement cost.

11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
2,270,350
2,050,558
Prepayments and accrued income
527,509
405,859
2,797,859
2,456,417
JYSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 19 -
12
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
13
1,195,769
2,016,862
Trade creditors
1,788,982
1,613,039
Amounts owed to group undertakings
1,584,383
989,961
Taxation and social security
1,445,985
1,218,687
Deferred income
14
345,629
363,097
Other creditors
1,903,380
2,193,123
Accruals and deferred income
797,934
1,120,607
9,062,062
9,515,376

Amounts owed to group undertakings are interest free and due on demand.

13
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
1,195,769
2,016,862
Payable within one year
1,195,769
2,016,862
14
Deferred income
2025
2024
£
£
Other deferred income
345,629
363,097
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
84,494
83,053

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

No contributions were outstanding at either year-end.

JYSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 20 -
16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
36,900,000
36,900,000
36,900,000
36,900,000
17
Profit and loss reserves

The company's capital and reserves are as follows:

Called up share capital

Called up share capital represents the nominal value of shares issued.

Profit and loss account

The profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

18
Financial commitments, guarantees and contingent liabilities

The company has a guarantee with HMRC for £200,000 (2024 - £200,000), relating to the VAT deferral position.

JYSK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 21 -
19
Related party transactions

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transaction with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

20
Ultimate controlling party

The immediate parent undertaking is LLG A/S, which is incorporated in Denmark.

The ultimate parent undertaking is LLG A/S, which is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of LLG A/S consolidated financial statements can be obtained from their registered office at LLG A/S, Sodalsparken 18, Braband, DK-8220, Denmark. The ultimate controlling party is Lars Larsen Group A/S.

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