REGISTERED NUMBER: 10075204 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2025

for

Too Good To Go Ltd.

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTOR:

M L Ravn

REGISTERED OFFICE:

74 Rivington Street

London

EC2A 3AY

REGISTERED NUMBER:

10075204 (England and Wales)

AUDITORS:

Krogh & Partners Limited, (Statutory Auditor)

823 Salisbury House

29 Finsbury Circus

London

EC2M 5QQ

Principal activity

The principal activity of the Company is food surplus activities.

REVIEW OF BUSINESS

Too Good To Go connects users and partners with food that would otherwise have gone to waste. The Too Good To Go Surprise Bag is a simple solution that helps business partners across Grocery Retail, Bakery Cafe, Fast Casual and QSR unlock value from surplus food and reduce food waste.

Last year in 2024 the Company launched Too Good To Go Parcels in UK. In this business, the Company works with both local and some of the world's largest food manufacturers - helping consumers save food from going to waste. The Company buys surplus stock from manufacturers and makes it available via Too Good To Go application in a parcel that gets delivered to the consumers' home.

PRINCIPAL RISKS AND UNCERTAINTIES

Description of the main risks and uncertainties facing the Company

On the demand side, the Company focuses on mitigating risks associated with user retention, order frequency, and escalating customer acquisition costs. From a supply perspective, key priorities include the ongoing optimization of surprise bag and parcel contents, alongside targeted efforts to improve supply level.

Operationally, retaining sales personnel at an acceptable level remains a core focus, as staff turnover directly influences both supply expansion and user acquisition. Beyond these internal factors, the Company faces standard external risks, most notably from potential competitors offering comparable market solutions.

Key performance indicators of a financial and, where applicable, non-financial nature relating to the Company's specific business, including information on environmental and personnel issues.

Our core operational KPIs include: "Surprise bags saved", "Total paying users", "Saved ratio", "Supplying stores" and "Total supply". From a personnel perspective, we monitor "Staff Turnover".

Our principal financial KPIs are: "Commission fee per surprise bag", "Percentage of surprise bags with dynamic pricing", "Marketing margin", "Revenue growth rate", and "EBITDA."

ON BEHALF OF THE BOARD:

M L Ravn - Director

29 May 2026

The director presents her report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

FUTURE DEVELOPMENTS

Revenue reached £30,663,477 in 2025 (£25,773,471 in 2024), a solid growth. For 2026 and 2027 we expect continued growth across our products. We expect a profit for 2026 and 2027 at a similar level to 2025.

DIRECTORS

M L Ravn has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

J Crummie ceased to be a director after 31 December 2025 but prior to the date of this report.

RESULTS

The profit for the financial year after providing for depreciation and taxation amounted to £757,141 (2024: £705,694).

Objectives and policies

The company is covered by Too Good To Go Holding ApS and all subsidiaries (Group) financial risk management policies which at all time is to limit the Group's exposure to financial risks. The policies set the framework for handling financial risks, market risks, liquidity risk and credit risk and is managed centrally by the Group Finance team. There are no significant changes in the exposure to financial risks and the financial risk management policies.

Research and development

There are no research and development activities in Too Good To Go Ltd. These activities are carried out in another subsidiary in the Group, Too Good To Go ApS.

The Too Good To Go Group has a portfolio of solutions to connect users and partners with food that would otherwise have gone to waste, including the Too Good To Go Surprise Bag.

During 2024 Too Good To Go launched the product Too Good To Go Parcels in UK. Parcels helps brands turn surplus inventory into opportunity, strengthening their relationships with an engaged customer community while preventing valuable goods from going to waste. Too Good To Go Parcels empowers food manufacturers to unlock value from surplus food and reduce food waste. Too Good To Go purchases their surplus and carefully mixes the products into Parcels, that are then bought by Too Good To Go users through the app, at a reduced price from the contents' original retail value. Rather than letting a product go to waste, manufacturers can have it delivered directly to the consumer's doorstep or picked up from a convenient location, creating a sense of excitement as they unbox the Too Good To Go Parcel.

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future being at least 12 months from the date of signing these accounts. As shown in the financial statements the company achieved a profit for the year ended 31 December 2025 of £757,141 (2024: £705,694), had net current assets of £2,315,478 (2024: £1,522,114) and net assets of £2,397,767 (2024: £1,640,626). On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern. Too Good To Go Ltd is a limited risk distributor per definition from the Transfer Pricing setup in Group continuing into financial years 2026 and 2027.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Krogh & Partners Limited, (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M L Ravn - Director

29 May 2026

Opinion

We have audited the financial statements of Too Good To Go Ltd. (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 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 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-

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

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

-

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

-

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

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

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

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

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims;

-

reviewing correspondence with HMRC and relevant regulators

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

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

John Lindegaard (Senior Statutory Auditor)

for and on behalf of Krogh & Partners Limited, (Statutory Auditor)

823 Salisbury House

29 Finsbury Circus

London

EC2M 5QQ

29 May 2026

TURNOVER

4

30,663,477

25,773,471

Cost of sales

3,118,114

576,323

GROSS PROFIT

27,545,363

25,197,148

Distribution costs

570,934

137,053

Administrative expenses

25,984,869

24,102,645

26,555,803

24,239,698

989,560

957,450

Other operating income

28,310

2,783

OPERATING PROFIT

7

1,017,870

960,233

Interest payable and similar expenses

8

3,231

4,953

PROFIT BEFORE TAXATION

1,014,639

955,280

Tax on profit

9

257,498

249,586

PROFIT FOR THE FINANCIAL YEAR

757,141

705,694

PROFIT FOR THE YEAR

757,141

705,694

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

757,141

705,694

FIXED ASSETS

Tangible assets

10

109,562

158,016

CURRENT ASSETS

Stocks

11

662,738

769,444

Debtors

12

9,185,147

5,495,031

Cash at bank

250,189

3,051,700

10,098,074

9,316,175

CREDITORS

Amounts falling due within one year

13

7,782,596

7,794,061

NET CURRENT ASSETS

2,315,478

1,522,114

TOTAL ASSETS LESS CURRENT LIABILITIES

2,425,040

1,680,130

PROVISIONS FOR LIABILITIES

15

27,273

39,504

NET ASSETS

2,397,767

1,640,626

CAPITAL AND RESERVES

Called up share capital

16

100

100

Retained earnings

2,397,667

1,640,526

SHAREHOLDERS' FUNDS

2,397,767

1,640,626

The financial statements were approved by the director and authorised for issue on 29 May 2026 and were signed by:

M L Ravn - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

100

934,832

934,932

Changes in equity

Total comprehensive income

-

705,694

705,694

Balance at 31 December 2024

100

1,640,526

1,640,626

Changes in equity

Total comprehensive income

-

757,141

757,141

Balance at 31 December 2025

100

2,397,667

2,397,767

1.	STATUTORY INFORMATION

Too Good To Go Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future being at least 12 months from the date of signing these accounts. As shown in the financial statements the company achieved a profit for the year ended 31 December 2025 of £757,141 (2024: £705,694), had net current assets of £2,315,478 (2024: £1,522,114) and net assets of £2,397,767 (2024: £1,640,626). On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the company was unable to continue as a going concern. Too Good To Go Ltd is a limited risk distributor per definition from the Transfer Pricing setup in Group continuing into financial years 2026 and 2027.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

Consolidated accounts for the Group can be found in www.cvr.dk.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Revenue from the sale of services and products is recognised in the income statement when the service and product has been delivered to the customer ("point in time"). The Company earns revenues primarily from fees paid by customers for the use of the Company’s application, which connects and facilitates the completion of a successful transaction between the customer and the end-user. End-users access the platform for free and the Company has no performance obligation to end-user. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.

Tangible fixed assets

Tangible fixed assets are initially recognised at cost. After initial recognition, tangible fixed assets are measured at cost less accumulated depreciation and accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

The carrying values of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation is recognised so as to write off the cost of assets less their residual values over their estimated useful lives as follows:

Short leasehold

3 years straight line

Furniture, fittings and equipment

3 years straight line

Other tangible assets

3 years 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 credited or charged to profit or loss.

Stocks

Stocks are measured at the lower of cost and net realisable value. Cost consists of purchase price plus delivery cost. The net realisable value of stocks is calculated as the estimated selling price less costs incurred to execute sale.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Cash at bank

Cash at bank include deposits held at call with banks.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Defined contribution pension plan

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical judgements in applying the company's accounting policies

The following are the critical judgements, apart from those involving estimations, that the directors have made in· the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements:

i. Revenue Recognition (Principal vs. Agent)

For certain revenue streams, management has applied judgement in determining that revenue should be

recognised on an agent basis. Specifically, management has assessed whether revenue from sale of services is reported as the gross amount of consideration collected or as the net commission retained. In making this assessment, management considered the following factors regarding the flow of economic benefits:

Primary Responsibility

The Company assesses that its performance obligation is limited to arranging for the provision of goods or services, rather than having the primary responsibility for fulfilling the underlying order.

Risks and Rewards

The Company does not assume inventory risk or significant credit risk, nor does it have full discretion in establishing prices.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below:

i. Useful lives of Tangible Fixed Assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Management reviews the carrying amounts annually for indication of

impairment. If so, the asset is written down to its recoverable amount.

ii. Impairment of Trade Debtors

Management makes an estimate of the recoverable value of trade debtors based on historic recoverability. A

provision for impairment is established when there is objective evidence that the company will not be able to

recover all amounts due according to the original terms.

4.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

23,229,473

19,149,996

Europe

7,434,004

6,623,475

30,663,477

25,773,471

Revenue distributed per transaction type:

2025

2024

£

£

Transaction services through the application

23,229,473

19,149,996

Non-transaction services

7,434,004

6,623,475

30,663,477

25,773,471

The Company earns its external revenue from fees paid by customers for the use of Too Good To Go’s application, which connects and facilitates the completion of a successful transaction between the customer and the end-user. End-users access the platform for free and the Company has no performance obligation to end-user. The revenue from both Too Good To Go Surprise Bags and Too Good to Go Parcels are considered transaction services as transactions are taking place through Too Good To Go’s application whereas other revenue is considered non-transaction services.

5.

EMPLOYEES

2025

2024

£

£

Wages and salaries

8,618,342

7,685,566

Social security costs

1,119,317

871,093

Other pension costs

141,259

132,731

9,878,918

8,689,390

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

2025

2024

Administration and Support

29

31

Technology

6

5

Sales and Marketing

90

94

125

130

6.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Aggregate remuneration in respect of qualifying services

81,895

81,833

Company contributions to money purchase pension schemes

1,321

1,321

83,216

83,154

The number of directors receiving company contributions to money purchase pension schemes is 1 (2024: 1).

7.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

83,267

82,490

Auditors' remuneration - audit

22,000

23,100

Operating lease charges

874,985

837,812

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Other interest

2,124

4,872

Foreign exchange losses

1,107

81

3,231

4,953

9.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

266,031

235,822

Adjustment prior years

3,698

(16

)

Total current tax

269,729

235,806

Deferred tax

(12,231

)

13,780

Tax on profit

257,498

249,586

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,014,639

955,280

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

253,660

238,820

Effects of:

Expenses not deductible for tax purposes

257

10,782

Capital allowances in excess of depreciation

-

(13,780

)

Depreciation in excess of capital allowances

12,114

-

Adjustments to tax charge in respect of previous periods

3,698

(16

)

Deferred tax movement

(12,231

)

13,780

Total tax charge

257,498

249,586

10.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 January 2025

59,824

342,537

402,361

Additions

-

34,813

34,813

Disposals

(59,824

)

-

(59,824

)

At 31 December 2025

-

377,350

377,350

DEPRECIATION

At 1 January 2025

33,726

210,619

244,345

Charge for year

26,098

57,169

83,267

Eliminated on disposal

(59,824

)

-

(59,824

)

At 31 December 2025

-

267,788

267,788

NET BOOK VALUE

At 31 December 2025

-

109,562

109,562

At 31 December 2024

26,098

131,918

158,016

Included within the net book value of Short leasehold above is £0 (2024 - £26,098) in respect of short leasehold land and buildings.

11.

STOCKS

2025

2024

£

£

Finished goods

662,738

769,444

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

245,752

232,107

Amounts owed by group undertakings

8,605,441

4,932,649

Other debtors

233,007

308,821

Prepayments and accrued income

100,947

21,454

9,185,147

5,495,031

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Other debtors

Other debtors contains deposits held totalling £199,651 (2024: £298,677).

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

140,308

112,247

Tax

266,031

235,822

Social security and other taxes

883,571

896,183

Other creditors

5,884,150

5,840,110

Accruals and deferred income

608,536

709,699

7,782,596

7,794,061

The "Other creditors" figure of £5,844,150 (2024 - £5,840,110) represents funds owed to participating stores in the UK.

14.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

920,000

812,000

Between one and five years

640,000

1,560,000

1,560,000

2,372,000

15.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

27,391

39,504

Other timing differences

(118

)

-

27,273

39,504