Company Registration No. 02235950 (England and Wales)
STAX TRADE CENTRES LIMITED
GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2025
STAX TRADE CENTRES LIMITED
COMPANY INFORMATION
Directors
S J Wright
N J Wright
Company number
02235950
Registered office
Holloway Drive
Wardley Industrial Estate
Worsley
Manchester
M28 2LA
Auditor
Alexander & Co LLP
Centurion House
129 Deansgate
Manchester
M3 3WR
Bankers
HSBC plc
2-4 St Ann's Square
Manchester
M2 7HD
Solicitors
Myerson Solicitors LLP
Grosvenor House
20 Barrington Road
Altrincham
Cheshire
WA14 1HB
STAX TRADE CENTRES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Group profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13 - 14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 37
STAX TRADE CENTRES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 AUGUST 2025
- 1 -

The directors present the strategic report for the year ended 30 August 2025.

Fair review of the business

The Group achieved turnover of £103.5m (2024 – £103.0m), this was set against a backdrop of difficult market conditions, uncertainty from the change of government in the UK with its increases to business costs of minimum wage, employment legislation and business rates.

The most material event concluding post financial year end was the Management Buyout (MBO) of the Stax Group. Nigel and Simon Wright bought out all existing shareholders and now own 100% of the share capital of the group. They have been shareholders and main board directors of Stax for 30 years. Prior to this they were owners of their family business W E Merris Ltd which Stax bought 30 years ago. The MBO provides long term continuity for all stakeholders, whilst the new owners have ambitious plans to modernise the business, their plans are evolutionary and not revolutionary.

The Group made a loss for the year of £874k which was anticipated by the Directors; the loss reflected one-off deal related costs, the closure of the loss-making Edinburgh branch together with a focus on liquidating dated stock, which helped to preserve cash balances

T he Directors are pleased to report that after 6 months the G roup has returned to profitability as well as generating cash and anticipate this to hold for the remainder of the financial year barring geo-political external shocks beyond its control.

The Directors are re-structuring the business to streamline operating procedures to match current and future trading conditions. Stax continues to grow its own brand business to support the independent retail sector and to drive increased overall trading margin to enable the business to absorb rising employment, property and other operating costs.

Investment in technology to improve stock accuracy and efficiency within the operation will, over the next 18 months, start to positively improve the profitability of the business. The newly released website has now settled and is offering a better customer experience, continued investment in the website remains a key business objective. Better controls over stock and a rationalisation of the SKU count will release space and working capital to support the business. The business at the halfway point for the trading year 2025/6 maintains a strong positive cash balance and retains the support of its long-term banking partner in HSBC.

Stax, through careful and strong credit control, has managed to escape the majority of customer business failures from internet traders, the business continues to develop its strategic partnerships with “bricks and mortar” retailers through the various trading organisations.

Going forward, Stax’s multi-platform trading style of Cash and Carry, Delivered Retail and local Trade business means that it spreads its business across many customers and different platforms, consequently the business retains its resilience through not being over-exposed to one single marketplace. This strategy will continue.

Nigel and Simon Wright as the Joint Owners and Joint Managing Directors of the Stax Group of companies have a lifetime of experience in the sector and strong relationships with key suppliers and customers. Branded suppliers continue to remain key to the future success of Stax, through Stax’s reliable and efficient distribution network a number of key suppliers have decided to place their confidence in Stax to be their “distributor of choice” to small independent retailers and regional wholesalers; relying and trusting Stax’s sales force to sell their products and giving them the one invoice point to control. Stax see this trend continuing.

The Directors remain confident in the long term continued success of the Stax Group of Companies.

STAX TRADE CENTRES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
- 2 -
Principal risks and uncertainties

The principal risk to the business continues to be that we trade in a very challenging market and with an uncertain economic backdrop. Through proactively strengthening our offer to reflect customer wants and needs, the width of our product offer, and our ability to react swiftly to change we are able to reduce this risk and uncertainty to acceptable levels.

We, like all businesses, are facing a tougher economic backdrop, but have improved our operating efficiency, working capital management and have a strong liquidity position to support us in these uncertain times.

Streamlined Energy and Carbon Reporting (SECR)

Our carbon footprint report is on page 6.

Stakeholder Engagement and Corporate Governance

As a board we have a legal responsibility under section 172 of the Companies Act 2006 to act in a way we consider, in good faith, would be most likely to promote the company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and all its stakeholders.

Reflective of the ownership of the business and the experience of the board, the company does not observe any official code of corporate governance.

The Board consists of Nigel and Simon Wright, j oint Managing Directors, who meet monthly. The board meet with senior management monthly to set strategy, review performance, business controls, set targets and weigh the needs of all stakeholders, including employees, suppliers and customers. The decisions we take reflect the needs of the business and all its stakeholders.

Employees

Our employees are recognised by the board as being key to deliver our services to our customers and we award bonuses and service awards in recognition of this.

The company annually meets with a union to discuss the pay review, seeks to agree and ratify a proposal on this, as well as posting bulletins and communications on matters directly affecting employees.

Monthly, via its branch managers, an opportunity exists for employee matters to be raised at board level with local HR teams involved in the day to day operations enabling all employees to participate and consult directly with them, who can either locally manage and resolve or report wider matters for resolution to the board.

Business relationships

As a wholesaler our supplier relationship and customers’ needs are paramount to our success with our employees essential to delivering this. We have a team of people responsible for working with our suppliers to develop our offer, branch managers and sales team managing our critical customer relationships as well as branch management, HR staff and local management team engaging with our employees on a daily basis. The accreditation of ISO9001:2015 is evidence of our commitment to all stakeholders.

Community & Environmental

The company seeks to minimise its impact on the environment and work with the local community.

We have invested in balers to enable recycling of cardboard waste, in upgrading branch lighting to reduce energy consumption and in new distribution vehicles with improve d fuel usage and less emissions.

The company has one corporate charity, the Rainy Day Trust, of which Stax is a Platinum Sponsor. This charity has been representative of our sector for over 175 years and Stax has been involved since the late 90’s.

Maintaining a reputation for high standards of business conduct
The company conducts business with integrity in all its relationships and complies with laws and regulations.
STAX TRADE CENTRES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
- 3 -
The need to act fairly between members
We balance the needs of all stakeholders and set ourselves high standards of business conduct in our decision making. Whilst customers are at the heart of our business we believe we best serve these through good employee and supplier relationships and maintaining a positive role in our community and minimising our impact on the environment. We set transparent, fair and simple processes.

On behalf of the board

S J Wright
Director
26 May 2026
STAX TRADE CENTRES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 AUGUST 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 August 2025.

Principal activities

The principal activity of the company and group continued to be that of DIY and hardware wholesalers.

Directors

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

E J Brady
(Resigned 13 November 2025)
D G Hibbert
(Resigned 13 November 2025)
S J Wright
N J Wright
D R Butler
(Resigned 13 November 2025)
A Gardiner
(Resigned 13 November 2025)
A Hibbert
(Resigned 13 November 2025)
Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £157,103.

Supplier payment policy

The company attempts to establish continuing relationships with its suppliers by agreeing mutually acceptable purchasing arrangements on an individual basis. Accordingly, the directors consider that the adoption of any external standard or code would prejudice the flexibility that individual arrangements can achieve for the benefit of both parties.

At the year end, the company had an average of 42 days of purchases outstanding in trade creditors (20 24 - 55 days).

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company continued to develop its practices in the area of employee involvement. The company is committed to improving its participative and consultative arrangements with all employees.

Future developments

We will continue to focus on maintaining our business efficiency, customer acquisition and retention activities, our overseas supply chain and re-acting swiftly to changing consumer trends. Successful collaborations with key suppliers has seen us develop distribution agreements on a solus or semi-exclusive basis.

We will maintain our broad range of product categories focusing on those with growth and continue to develop all our routes to market.

STAX TRADE CENTRES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
- 5 -
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 prepared the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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 auditor of the company 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 auditor of the company is aware of that information.

STAX TRADE CENTRES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
- 6 -
Streamlined Energy and Carbon Reporting
The company has gathered data regarding scope one, two and three carbon emissions (as defined by the GHG Protocol) for the financial year spanning 1st September 2024 to 31st August 2025 from its UK operations for inclusion in Company Reporting (2024-2025) as defined by the requirements of the Streamlined Energy and Carbon Reporting (SECR) legislation.
Year ended 31/08/25
Year ended 31/08/24
Change
Energy consumption used to calculate emissions (kWh)
6,190,177
9,264,824
-33.19%
Emissions from scope one fuels (tCO2e)
696
1,429
-51.29%
Emissions from scope two purchased electricity (tCO2e)
367
454
-19.16%
Emissions from mandatory scope three (tCO2e)
123
90
36.67%
Total gross tCO2e
1,186
1,973
-39.92%
Intensity rate tCO2e / SFA (m3)
35.78
59.52
-39.89%
Methodology
GHG Protocol
GHG Protocol
The combined scope one, two and three carbon emissions for the period were recorded at 1,186 TCO2e. This is a decrease of 39.92% over the previous period.
The specific carbon consumption (SCC) for the period is calculated at 35.78 kgC02e/SFA of sales floor area (SFA) m3, a decrease of 39.89% over the previous period.
On behalf of the board
S J Wright
N J Wright
Director
Director
26 May 2026
STAX TRADE CENTRES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF STAX TRADE CENTRES LIMITED
- 7 -
Opinion

We have audited the financial statements of Stax Trade Centres Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 August 2025 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 August 2025 and of the group's 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 group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The 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:

- T he information given in the strategic report and the directors' r eport 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.

STAX TRADE CENTRES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STAX TRADE CENTRES LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the 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 group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent 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.

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.

Capability of the audit in detecting irregularities, including fraud

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.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to breaches of the legal and regulatory framework that the company operates in. We considered the extent to which non-compliance might have a material effect on the financial statements. The key laws and regulations we considered in this context included UK Companies Act 2006, employment law, health and safety and tax legislation.

We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the posting of inappropriate journal entries to manipulate financial results and potential management bias in accounting estimates.

STAX TRADE CENTRES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF STAX TRADE CENTRES LIMITED
- 9 -

As a result of the above, our audit procedures performed included:

- Discussions with management and those charged with governance in relation to known or suspected instances of non-compliance with laws and regulation and fraud.

- Agreeing financial statements disclosures to underlying supporting documentation and assessing compliance with relevant laws and regulations.

- Testing the appropriateness of journal entries and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

- Assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

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

- Enquiring with the company’s legal advisors of whether they are aware of any non-compliance with laws and regulations.

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

- Reviewing minutes of meetings of those charged with governance.

There are inherent limitations in the audit procedures described above. The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK).

We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors of Stax Trade Centres Limited.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Gary Kramrisch (Senior Statutory Auditor)
For and on behalf of Alexander & Co LLP
26 May 2026
Chartered Accountants
Statutory Auditor
Centurion House
129 Deansgate
Manchester
M3 3WR
STAX TRADE CENTRES LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 AUGUST 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
103,639,519
103,041,878
Cost of sales
(77,233,477)
(75,408,510)
Gross profit
26,406,042
27,633,368
Administrative expenses
(27,740,806)
(26,519,358)
Other operating income
4,905
4,905
Operating (loss)/profit
4
(1,329,859)
1,118,915
Interest receivable and similar income
8
401,191
423,778
Interest payable and similar expenses
9
(21,063)
(34,211)
(Loss)/profit before taxation
(949,731)
1,508,482
Tax on (loss)/profit
10
75,635
(533,549)
(Loss)/profit for the financial year
(874,096)
974,933
(Loss)/profit for the financial year is all attributable to the owners of the parent company.

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

STAX TRADE CENTRES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 AUGUST 2025
- 11 -
2025
2024
£
£
(Loss)/profit for the year
(874,096)
974,933
Other comprehensive income
Revaluation of tangible fixed assets
1,906,000
-
0
Total comprehensive income for the year
1,031,904
974,933
Total comprehensive income for the year is all attributable to the owners of the parent company.
STAX TRADE CENTRES LIMITED
GROUP BALANCE SHEET
AS AT
30 AUGUST 2025
30 August 2025
- 12 -
30 August 2025
31 August 2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
1,224,632
1,345,788
Total intangible assets
1,224,632
1,345,788
Tangible assets
13
12,363,363
11,313,638
Investments
14
27,500
15,000
13,615,495
12,674,426
Current assets
Stocks
16
23,549,426
24,436,163
Debtors
17
8,925,701
8,537,274
Cash at bank and in hand
5,540,159
7,081,687
38,015,286
40,055,124
Creditors: amounts falling due within one year
18
(13,421,100)
(15,207,022)
Net current assets
24,594,186
24,848,102
Total assets less current liabilities
38,209,681
37,522,528
Creditors: amounts falling due after more than one year
19
(184,960)
(271,962)
Provisions for liabilities
Deferred tax liability
23
498,093
598,739
(498,093)
(598,739)
Net assets
37,526,628
36,651,827
Capital and reserves
Called up share capital
25
104,976
104,976
Share premium account
732,655
732,655
Revaluation reserve
5,247,097
3,341,097
Capital redemption reserve
11,061
11,061
Profit and loss reserves
31,430,839
32,462,038
Total equity
37,526,628
36,651,827
The financial statements were approved by the board of directors and authorised for issue on 26 May 2026 and are signed on its behalf by:
26 May 2026
S J Wright
N J Wright
Director
Director
Company registration number 02235950 (England and Wales)
STAX TRADE CENTRES LIMITED
COMPANY BALANCE SHEET
AS AT 30 AUGUST 2025
30 August 2025
- 13 -
30 August 2025
31 August 2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
328,665
385,823
Tangible assets
13
11,986,762
10,852,635
Investments
14
5,630,432
5,617,932
17,945,859
16,856,390
Current assets
Stocks
16
21,090,279
22,211,553
Debtors
17
8,716,880
7,710,500
Cash at bank and in hand
5,298,610
6,679,370
35,105,769
36,601,423
Creditors: amounts falling due within one year
18
(15,597,804)
(16,603,495)
Net current assets
19,507,965
19,997,928
Total assets less current liabilities
37,453,824
36,854,318
Creditors: amounts falling due after more than one year
19
(184,960)
(258,451)
Provisions for liabilities
Deferred tax liability
23
418,385
496,762
(418,385)
(496,762)
Net assets
36,850,479
36,099,105
Capital and reserves
Called up share capital
25
104,976
104,976
Share premium account
732,655
732,655
Revaluation reserve
5,222,097
3,316,097
Capital redemption reserve
11,061
11,061
Profit and loss reserves
30,779,690
31,934,316
Total equity
36,850,479
36,099,105
STAX TRADE CENTRES LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 AUGUST 2025
30 August 2025
- 14 -

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £997,523 (2024 - £712,476 profit).

The financial statements were approved by the board of directors and authorised for issue on 26 May 2026 and are signed on its behalf by:
26 May 2026
S J Wright
N J Wright
Director
Director
Company registration number 02235950 (England and Wales)
STAX TRADE CENTRES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 AUGUST 2025
- 15 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 27 August 2023
105,076
732,655
3,341,097
10,961
31,806,212
35,996,001
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
-
-
974,933
974,933
Dividends
11
-
-
-
-
(280,107)
(280,107)
Own shares acquired
-
-
-
-
(39,000)
(39,000)
Purchase of shares
25
(100)
-
-
100
-
-
Balance at 31 August 2024
104,976
732,655
3,341,097
11,061
32,462,038
36,651,827
Year ended 30 August 2025:
Loss for the year
-
-
-
-
(874,096)
(874,096)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
1,906,000
-
-
1,906,000
Total comprehensive income
-
-
1,906,000
-
(874,096)
1,031,904
Dividends
11
-
-
-
-
(157,103)
(157,103)
Balance at 30 August 2025
104,976
732,655
5,247,097
11,061
31,430,839
37,526,628
STAX TRADE CENTRES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 AUGUST 2025
- 16 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 27 August 2023
105,076
732,655
3,316,097
10,961
31,540,947
35,705,736
Year ended 31 August 2024:
Profit and total comprehensive income for the year
-
-
-
-
712,476
712,476
Dividends
11
-
-
-
-
(280,107)
(280,107)
Own shares acquired
-
-
-
-
(39,000)
(39,000)
Purchase of shares
25
(100)
-
-
100
-
-
Balance at 31 August 2024
104,976
732,655
3,316,097
11,061
31,934,316
36,099,105
Year ended 30 August 2025:
Profit for the year
-
-
-
-
(997,523)
(997,523)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
1,906,000
-
-
1,906,000
Total comprehensive income
-
-
1,906,000
-
(997,523)
908,477
Dividends
11
-
-
-
-
(157,103)
(157,103)
Balance at 30 August 2025
104,976
732,655
5,222,097
11,061
30,779,690
36,850,479
STAX TRADE CENTRES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 AUGUST 2025
- 17 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
30
(842,056)
2,140,563
Interest paid
(21,063)
(34,211)
Income taxes paid
(304,929)
(490,544)
Net cash (outflow)/inflow from operating activities
(1,168,048)
1,615,808
Investing activities
Purchase of tangible fixed assets
(292,401)
(1,125,403)
Proceeds from disposal of tangible fixed assets
27,825
280,885
Purchase of investments
(12,500)
-
Interest received
401,191
423,778
Net cash generated from/(used in) investing activities
124,115
(420,740)
Financing activities
Purchase of shares
-
0
(39,000)
Repayment of bank loans
(243,952)
(252,338)
Payment of finance leases obligations
(96,540)
(194,917)
Dividends paid to equity shareholders
(157,103)
(280,107)
Net cash used in financing activities
(497,595)
(766,362)
Net (decrease)/increase in cash and cash equivalents
(1,541,528)
428,706
Cash and cash equivalents at beginning of year
7,081,687
6,652,981
Cash and cash equivalents at end of year
5,540,159
7,081,687
STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2025
- 18 -
1
Accounting policies
Company information

Stax Trade Centres Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Holloway Drive, Wardley Industrial Estate, Worsley, Manchester, M28 2LA.

The group consists of Stax Trade Centres Limited and all of its subsidiaries.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

- Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;

- 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’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; 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.

1.2
Basis of consolidation

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
1
Accounting policies
(Continued)
- 19 -

The consolidated financial statements incorporate those of Stax Trade Centres Limited and all of its subsidiaries (ie entities that the g roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 30 August 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
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 represents the amount derived from the provision of DIY products which fall within the company's ordinary activities. Sales are recognised at the date of in-store purchase or at the time of delivery to customers.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised within administrative expenses.

Goodwill of M.P. Smith & Co. Limited is being amortised in equal instalments over its estimated useful life which the directors consider to be 20 years.

The remaining goodwill represents Stax Trade Centres Limited's investment in its former subsidiary undertaking. It is being amortised in equal instalments over its estimated useful economic life which the directors consider to be 20 years.

STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
1
Accounting policies
(Continued)
- 20 -
1.6
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:

Freehold land and buildings
2% straight line
Leasehold land and buildings
10% straight line
Leasehold improvements
15% on reducing balance
Plant and equipment
20% on reducing balance
Fixtures and fittings
15-25% straight line
Computers
50% on reducing balance
Motor vehicles
14-25% straight line

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
1
Accounting policies
(Continued)
- 21 -

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.

1.9
Stocks

Finished goods and goods for resale

Finished goods and goods for resale are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Goods in transit

Goods in transit are stock that has been despatched by the supplier and paid for in full by the company prior to the reporting date, but not delivered until after the reporting date. Goods in transit are recognised at cost and the corresponding creditor is shown in other creditors.

1.10
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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. 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.

STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
1
Accounting policies
(Continued)
- 22 -
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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
1
Accounting policies
(Continued)
- 23 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.14
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.

1.15
Retirement benefits

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

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
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.

1.18

Rebates

Rebates received from suppliers mainly comprise volume related rebates on the purchase of stock. Rebates are recognised on an accrued basis based on actual purchases made in the period based on individual agreements made with suppliers.

STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
- 24 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

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:

Intangible fixed assets

Intangible fixed assets are amortised over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as future market conditions and the remaining life of the asset.

Impairment of stock

Determining whether stock balances are valued correctly, requires, and is based on, up to date trading information. The Board use their knowledge of the business, the trading environment and future projections to assess whether provision is necessary in these areas.

Property valuation

The directors use available market-based information to determine whether the properties are valued accurately.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
102,972,006
102,375,840
Europe
439,547
530,211
Rest of World
227,966
135,827
103,639,519
103,041,878
4
Operating (loss)/profit
2025
2024
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange gains
(19,404)
-
Depreciation of owned tangible fixed assets
1,033,506
1,008,309
Depreciation of tangible fixed assets held under finance lease
60,586
71,924
Loss/(profit) on disposal of tangible fixed assets
26,759
(62,372)
Amortisation of intangible assets
121,156
121,156
Operating lease charges
2,436,932
2,314,385
STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
- 25 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
42,875
40,250
For other services
Other taxation services
2,800
2,750
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Management
43
41
41
40
Administration and supervisors
55
59
51
51
Selling and distribution
326
343
310
326
Production
25
24
-
-
Total
449
467
402
417

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
14,856,446
14,600,336
13,385,571
13,198,444
Social security costs
1,560,129
1,406,845
1,449,288
1,313,909
Pension costs
407,894
406,654
335,834
332,866
16,824,469
16,413,835
15,170,693
14,845,219
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
992,821
1,627,984
Company pension contributions to defined contribution schemes
4,434
7,105
997,255
1,635,089
STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
7
Directors' remuneration
(Continued)
- 26 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
271,416
366,941

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
401,191
423,778
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
7,681
25,000
Interest on finance leases and hire purchase contracts
13,382
9,211
Total finance costs
21,063
34,211
STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
- 27 -
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
25,021
439,616
Deferred tax
Origination and reversal of timing differences
(100,656)
93,933
Total tax (credit)/charge
(75,635)
533,549

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

2025
2024
£
£
(Loss)/profit before taxation
(949,731)
1,508,482
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(237,433)
377,121
Tax effect of expenses that are not deductible in determining taxable profit
42,406
34,427
Depreciation on assets not qualifying for tax allowances
90,557
94,179
Other permanent differences
(2,148)
-
0
Tax at marginal rate
-
0
(430)
Other timing differences
-
0
28,252
Other differences
30,983
-
0
Taxation (credit)/charge
(75,635)
533,549
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
157,103
280,107
STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
- 28 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 September 2024 and 30 August 2025
3,188,913
Amortisation and impairment
At 1 September 2024
1,843,125
Amortisation charged for the year
121,156
At 30 August 2025
1,964,281
Carrying amount
At 30 August 2025
1,224,632
At 31 August 2024
1,345,788

The goodwill relates to the company's investment in its current subsidiary undertakings and former subsidiary undertakings. The goodwill is being amortised over the directors' estimate of its useful life of 20 years. The goodwill relating to current and former subsidiary undertakings have carrying values of £895,967 (20 24: £959,965) and £328,665 (20 24: £385,823) respectively. They have a remaining amortisation period of 1 4 years and 6 years respectively.

Company
Goodwill
£
Cost
At 1 September 2024 and 30 August 2025
1,906,328
Amortisation and impairment
At 1 September 2024
1,520,505
Amortisation charged for the year
57,158
At 30 August 2025
1,577,663
Carrying amount
At 30 August 2025
328,665
At 31 August 2024
385,823

The goodwill relates to the company's investment in its former subsidiary undertaking and is being amortised over the directors' estimate of its useful economic life of 20 years. The goodwill has a carrying value of £328,665 (2024: £385,823) and has a remaining amortisation period of 6 years.

STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
- 29 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
£
Cost or valuation
At 1 September 2024
9,000,000
3,701,794
186,668
809,022
9,347,006
161,947
1,046,262
24,252,699
Additions
-
0
-
0
12,930
1,725
268,356
8,390
1,000
292,401
Disposals
-
0
-
0
(9,782)
(19,345)
(100,663)
(10,395)
(54,233)
(194,418)
Revaluation
1,570,000
-
0
-
0
-
0
-
0
-
0
-
0
1,570,000
At 30 August 2025
10,570,000
3,701,794
189,816
791,402
9,514,699
159,942
993,029
25,920,682
Depreciation and impairment
At 1 September 2024
210,000
3,372,536
95,871
545,220
8,169,961
161,418
384,055
12,939,061
Depreciation charged in the year
126,000
266,780
12,963
42,798
440,484
1,075
203,992
1,094,092
Eliminated in respect of disposals
-
0
-
0
(7,798)
(17,271)
(63,695)
(10,395)
(40,675)
(139,834)
Revaluation
(336,000)
-
0
-
0
-
0
-
0
-
0
-
0
(336,000)
At 30 August 2025
-
0
3,639,316
101,036
570,747
8,546,750
152,098
547,372
13,557,319
Carrying amount
At 30 August 2025
10,570,000
62,478
88,780
220,655
967,949
7,844
445,657
12,363,363
At 31 August 2024
8,790,000
329,258
90,797
263,802
1,177,045
529
662,207
11,313,638
STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
- 30 -
Company
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 September 2024
9,000,000
3,701,794
9,155,931
904,444
22,762,169
Additions
-
0
-
0
264,188
1,000
265,188
Disposals
-
0
-
0
(100,663)
-
0
(100,663)
Revaluation
1,570,000
-
0
-
0
-
0
1,570,000
At 30 August 2025
10,570,000
3,701,794
9,319,456
905,444
24,496,694
Depreciation and impairment
At 1 September 2024
210,000
3,372,536
8,012,616
314,382
11,909,534
Depreciation charged in the year
126,000
266,780
434,727
172,586
1,000,093
Eliminated in respect of disposals
-
0
-
0
(63,695)
-
0
(63,695)
Revaluation
(336,000)
-
0
-
0
-
0
(336,000)
At 30 August 2025
-
0
3,639,316
8,383,648
486,968
12,509,932
Carrying amount
At 30 August 2025
10,570,000
62,478
935,808
418,476
11,986,762
At 31 August 2024
8,790,000
329,258
1,143,315
590,062
10,852,635

The carrying value of land and buildings comprises:

Group
Company
2025
2024
2025
2024
£
£
£
£
Freehold
10,570,000
8,790,000
10,570,000
8,790,000
Short leasehold
62,478
329,258
62,478
329,258
10,632,478
9,119,258
10,632,478
9,119,258

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
216,904
337,917
216,904
337,917

Land and buildings with a carrying amount of £8,664,000 were revalued to £10,570,000 in April 2025. The Directors consider that this valuation represents the fair value of the property and their assessment was based on a review carried out by an appropriately qualified external valuer, Colliers International Property Consultants Limited.

STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
13
Tangible fixed assets
(Continued)
- 31 -

The following asse t s are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2025
2024
£
£
Group
Cost
10,335,613
10,335,613
Accumulated depreciation
(2,290,301)
(2,147,158)
Carrying value
8,045,312
8,188,455
Company
Cost
10,335,613
10,335,613
Accumulated depreciation
(2,290,301)
(2,147,158)
Carrying value
8,045,312
8,188,455
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
5,602,932
5,602,932
Unlisted investments
27,500
15,000
27,500
15,000
27,500
15,000
5,630,432
5,617,932
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 September 2024
15,000
Additions
12,500
At 30 August 2025
27,500
Carrying amount
At 30 August 2025
27,500
At 31 August 2024
15,000
STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
14
Fixed asset investments
(Continued)
- 32 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 September 2024
5,602,932
15,000
5,617,932
Additions
-
12,500
12,500
At 30 August 2025
5,602,932
27,500
5,630,432
Carrying amount
At 30 August 2025
5,602,932
27,500
5,630,432
At 31 August 2024
5,602,932
15,000
5,617,932
15
Subsidiaries

Details of the company's subsidiaries at 30 August 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
PDS Logistics Limited
1
Warehouse and distribution
Ordinary
100.00
0
M.P. Smith & Co. Limited
1
Hardware wholesalers
Ordinary
100.00
0

Registered office addresses (all UK unless otherwise indicated):

1
- Holloway Drive, Wardley Industrial Estate, Worsley, Manchester, M28 2LA

The above subsidiaries are included in the consolidated financial statements.

The company has guaranteed the liabilities of PDS Logistics Limited in order that they qualify for the exemption from audit under Section 479A of the Companies Act 2006 in respect of the year ending 31 August 2025.

16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
22,776,655
23,533,254
20,317,508
21,308,644
Goods in transit
772,771
902,909
772,771
902,909
23,549,426
24,436,163
21,090,279
22,211,553
STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
- 33 -
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,348,000
7,123,937
7,194,673
6,481,481
Corporation tax recoverable
-
0
-
0
125,054
-
0
Other debtors
646
646
-
0
-
0
Prepayments and accrued income
1,577,055
1,412,691
1,397,153
1,229,019
8,925,701
8,537,274
8,716,880
7,710,500
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
-
0
243,952
-
0
243,952
Obligations under finance leases
21
74,210
83,748
74,210
74,210
Trade creditors
8,747,112
10,187,741
8,918,109
10,406,722
Amounts owed to group undertakings
-
0
-
0
2,529,522
1,756,214
Corporation tax payable
30,540
310,458
-
0
224,835
Other taxation and social security
1,060,748
634,232
937,500
486,189
Other creditors
913,283
914,446
772,771
902,909
Accruals and deferred income
2,595,207
2,832,445
2,365,692
2,508,464
13,421,100
15,207,022
15,597,804
16,603,495
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
21
184,960
271,962
184,960
258,451

20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
-
0
243,952
-
0
243,952
Payable within one year
-
0
243,952
-
0
243,952
STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
- 34 -
21
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
74,210
83,748
74,210
74,210
In two to five years
184,960
271,962
184,960
258,451
259,170
355,710
259,170
332,661

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 7 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Liabilities are secured over the assets to which they relate.

22
Provisions for liabilities
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Deferred tax liabilities
23
498,093
598,739
418,385
496,762
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
510,600
611,303
Retirement benefit obligations
(12,507)
(12,564)
498,093
598,739
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
430,665
509,110
Retirement benefit obligations
(12,280)
(12,348)
418,385
496,762
STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
23
Deferred taxation
(Continued)
- 35 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 September 2024
598,739
496,762
Credit to profit or loss
(100,646)
(78,377)
Liability at 30 August 2025
498,093
418,385

Deferred tax assets relating to retirement benefit obligations are expected to reverse within 12 months.

Deferred tax liabilities relating to accelerated capital allowances are expected to reverse within 10 years.

24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
407,894
406,654

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "A" shares of £1 each
52,488
52,488
52,488
52,488
Ordinary "B convertible" shares of £1 each
52,488
52,488
52,488
52,488
104,976
104,976
104,976
104,976

The 'B' convertible ordinary shares rank pari passu with the 'A' ordinary shares except as set out below:- i) Each 'A' share shall confer on the holder one vote at any general meeting of the company. ii) The 'B' shares do not carry any voting rights. iii) The profits of the company available for distribution shall be applied in paying income to the holders of 'A' and 'B' shares pari passu as if the same constituted one class of share.

STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
- 36 -
26
Financial commitments, guarantees and contingent liabilities

The company’s subsidiary, PDS Logistics Limited, has taken advantage of the exemption available under Section 479A of the Companies Act 2006 in respect of the requirement for audit. As a condition of the exemption, the company has guaranteed the year-end liabilities of the subsidiary until they are settled in full.

27
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
2,528,207
2,446,329
2,017,989
2,030,111
Years 2-5
6,556,527
7,067,418
5,363,015
5,961,277
After 5 years
3,380,026
4,692,610
3,380,026
4,692,610
12,464,760
14,206,357
10,761,030
12,683,998
28
Related party transactions
Transactions with related parties

During the year Stax Trade Centres Limited made payments of £1,349,006 to W E Merris Pension Scheme in respect of property rentals (20 24: £1,035,7 00). M.P. Smith & Co. Limited also made payments during the year of £130,199 in respect of property rentals (2024: £120,000).The scheme is a small self-administered pension fund of which E J Brady, D G Hibbert, N J Wright and S J Wright are members.

During the year the company purchased goods to the value of £9,091,896 (2024: £5,926,927) from Munro Importers Limited, a company in which E J Brady & S J Wright have a beneficial interest. At the balance sheet date an amount of £829,879 (20 24: £869,799) was due to the company.

The company has taken advantage of the exemption available whereby it has not disclosed transactions with other companies that are wholly owned within the group.

29
Controlling party

On 13 November 2025, Folie Douce Limited and SM Wright Family Ventures Limited each acquired 50% of the shareholding of Stax Trade Centres Limited.

In the opinion of the directors, there is no overall controlling party of the company.

STAX TRADE CENTRES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2025
- 37 -
30
Cash (absorbed by)/generated from group operations
2025
2024
£
£
(Loss)/profit after taxation
(874,096)
974,933
Adjustments for:
Taxation (credited)/charged
(75,635)
533,549
Finance costs
21,063
34,211
Investment income
(401,191)
(423,778)
Loss/(gain) on disposal of tangible fixed assets
26,759
(62,372)
Amortisation and impairment of intangible assets
121,156
121,156
Depreciation and impairment of tangible fixed assets
1,094,092
1,080,233
Movements in working capital:
Decrease in stocks
886,737
703,376
(Increase)/decrease in debtors
(388,427)
475,268
Decrease in creditors
(1,252,514)
(1,296,013)
Cash (absorbed by)/generated from operations
(842,056)
2,140,563
31
Analysis of changes in net funds - group
1 September 2024
Cash flows
30 August 2025
£
£
£
Cash at bank and in hand
7,081,687
(1,541,528)
5,540,159
Borrowings excluding overdrafts
(243,952)
243,952
-
Obligations under finance leases
(355,710)
96,540
(259,170)
6,482,025
(1,201,036)
5,280,989
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