Company No: 08673642 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	98,880		118,898
Tangible assets	4	118,217		140,559
Investment property	5	279,393		94,023
		496,490		353,480
Current assets
Stocks	6	223,691		184,982
Debtors	7	349,585		395,896
Cash at bank and in hand		237,488		369,622
		810,764		950,500
Creditors: amounts falling due within one year	8	( 359,163)		( 440,724)
Net current assets		451,601		509,776
Total assets less current liabilities		948,091		863,256
Creditors: amounts falling due after more than one year	9	( 200,000)		( 208,773)
Provision for liabilities		( 17,415)		( 28,699)
Net assets		730,676		625,784
Capital and reserves
Called-up share capital		160		160
Profit and loss account		730,516		625,624
Total shareholders' funds		730,676		625,784

For the financial year ending 30 September 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of SPH Retail Limited (registered number: 08673642) were approved and authorised for issue by the Director on 20 May 2026. They were signed on its behalf by:

S J Palmer Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

SPH Retail Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom. The principal place of business is 68 Princes Road, Torquay, Devon, TQ1 1NP.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for retail 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 when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	12 years straight line
Vehicles	25 % reducing balance
Fixtures and fittings	6.66 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Preference shares are classified as non current loans and borrowings. The preference shares are measured at their fair value of the redeemable value.

Dividends

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

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	32		36

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 October 2024	200,183		200,183
At 30 September 2025	200,183		200,183
Accumulated amortisation
At 01 October 2024	81,285		81,285
Charge for the financial year	20,018		20,018
At 30 September 2025	101,303		101,303
Net book value
At 30 September 2025	98,880		98,880
At 30 September 2024	118,898		118,898

4. Tangible assets

	Land and buildings		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 October 2024	7,841		13,400		297,927		319,168
Additions	2,774		0		6,585		9,359
Disposals	0		0		( 450)		( 450)
At 30 September 2025	10,615		13,400		304,062		328,077
Accumulated depreciation
At 01 October 2024	1,098		3,154		174,357		178,609
Charge for the financial year	110		2,562		29,029		31,701
Disposals	0		0		( 450)		( 450)
At 30 September 2025	1,208		5,716		202,936		209,860
Net book value
At 30 September 2025	9,407		7,684		101,126		118,217
At 30 September 2024	6,743		10,246		123,570		140,559

5. Investment property

	Investment property
	£
Valuation
As at 01 October 2024	94,023
Additions	185,370
As at 30 September 2025	279,393

Valuation

The value of the investment property is derived from observable current market prices for comparable real estate determined by the directors. The assets have a current value of £279,393 (2024 - £94,023) and carrying historic cost of £279,393 (2024 - £94,023).

There has been no valuation of investment property by an independent valuer.

6. Stocks

	2025		2024
	£		£
Stocks	223,691		184,982

7. Debtors

	2025		2024
	£		£
Short term loans to Group companies	278,630		338,630
Other debtors	70,955		57,266
	349,585		395,896

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	8,780		10,289
Trade creditors	100,191		147,081
Taxation and social security	123,174		129,570
Other creditors	127,018		153,784
	359,163		440,724

9. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	0		8,773
Other creditors	200,000		200,000
	200,000		208,773

There are no amounts included above in respect of which any security has been given by the small entity.

10. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £519,600 (2024 - £396,240). The financial commitments are non cancellable operating leases in respect of land and buildings with £55,200 (2024- £60,960 ) due within one year, £55,200 (2024 - £60,960 ) due within one to two years, £165,600 (2024 - £148,320) due within two to five years and £243,600 (2024 - £122,400) due after five years.