Wineflair (Belfast) Limited Company accounts

COMPANY REGISTRATION NUMBER: NI019803

Wineflair (Belfast) Limited

Financial Statements

30 September 2025

Wineflair (Belfast) Limited

Financial Statements

Year ended 30 September 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	6

Independent auditor's report to the members	10

Statement of income and retained earnings	15

Statement of financial position	16

Notes to the financial statements	17

Wineflair (Belfast) Limited

Officers and Professional Advisers

The board of directors	A Carson
	R Hall
	A Mc Guinness
	B Mc Kay
	C Mc Kay

Registered office	8 Westbank Road
	Belfast Harbour Estate
	Belfast
	Northern Ireland
	BT3 9JL

Auditor	Maneely Mc Cann Audit Limited
	Chartered accountants & statutory auditor
	Aisling House
	50 Stranmillis Embankment
	Belfast
	BT9 5FL

Bankers	Danske Bank
	Donegall Square West
	Belfast
	BT1 6JS

Solicitors	Tughan's
	Marlborough House
	30 Victoria Street
	Belfast
	BT1 3GG

Wineflair (Belfast) Limited

Strategic Report

Year ended 30 September 2025

The directors present the strategic report for the year ended September 2025. Fair review of the business The Company owns and operates off-licence and convenience stores (2025: 55; 2024: 58) under the Wineflair brand, selling beers, wines, spirits, tobacco, grocery and confectionary. The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year. Such evaluation reflects the size and non-complex nature of the business and has been prepared within the context of the marketplace and associated risks and opportunities that pertain at the present time. Turnover fell from £37.7m in 2024 to £35.0m in 2025 reflective of the challenges faced in the off-licence and wider retail sector in the current economic environment, plus the decision to close three loss making stores during the year. The company increased its profit margin from 29.0% to 32.0% following price increases throughout the year necessary to cover additional overhead costs including increases to staff costs following increases to national minimum wage, employer's national insurance contributions. Reported profit after taxation was £346,911 (2024: £438,856). The company continues to report a strong net current asset position of £9.3m.

Principal risks and uncertainties The Board has established internal controls to identify, assess and manage key risks. The principal risks and the corresponding controls are as follows: Markets and competition The off-licences and convenience store market remains competitive in line with the wider retail industry facing challenges in the market with customers continuing to be price conscious. Wider competition is continuing to be felt with market share contested by supermarkets undercutting prices and online retailers operating without the need to pay rent or customer facing staff. Management continue to carry out strategic reviews including assessments of competitor activity and pricing and actively make strategic and operational decisions in response. Legal and regulatory There is a risk that new and existing legal and regulatory requirements could impact turnover and costs with the recent independent review of Northern Ireland's liquor licensing system recommending major reform. Minimum unit pricing is still under discussion within N.I. Assembly. Management continue to monitor the progress and likely timings of this being implemented. Health and Safety legislation impacts on the company's operations and profitability due to the widespread business operations. The company continues to actively monitor the legal and regulatory requirements and assesses the impact to the company's operations. The company complies with all legislation restricting the display of tobacco products and operates a 'Challenge 21' policy. Consumer behaviour The UK government and health industry continue to discourage smoking and alcohol consumption. Rising health consciousness is reducing sales of certain products, such as cigarettes, whilst also driving sales of low/no-alcohol products providing an opportunity to diversify the company product range to match consumer habits and preferences. Management regularly monitor market trends and customer behaviours and implement any trends into their strategic decision making. Data security, IT reliability and business disruption The company relies on its IT infrastructure and in particular its EPOS and inventory management systems to maintain key aspects of its service to customers. The scale of targeted cyber incidents is increasing with growing sophistication, increasing the risk for us and our suppliers and therefore our supply chain. The risk poses a threat to the security of our data, systems and our operational resilience. The company's in-house IT department, along with external support, has in place system security and infrastructure which is continually updated and business interruption plans are in place. Reliance on key suppliers The company relies on certain key suppliers. Management actively engages and works with key suppliers throughout the year to ensure that the company's needs are known, and a strong relationship is maintained.

Development and performance During the year September 2025, the directors continued to seek opportunities to increase business both organically and through acquisition, with a number of such opportunities currently under review. Whilst the Company's core business is Off Sales, it has a significant Grocery division. The directors envision future expansion in both these sectors. During the financial year the Company launched a home delivery app and service in two key locations to broaden the service available to its customers. Key performance indicators We seek to apply relevant measurement objectives which include key performance indicators associated with turnover, gross margin, and operating profit. The company's key performance indicators are Turnover £34,974,847 (2024: £37,721,228) and Gross Profit Margin 32% (2024: 29%) Section 172(1) Statement Under section 172 of the Companies Act 2006 the directors are required to act in a way which promotes the long-term success of the company having regard for the interests of the company's stakeholders. In discharging their section 172 responsibilities the directors of Wineflair consider, amongst other matters, the: - Likely consequences of any decision in the long term - Interest in the company's employees - Need to foster the company's business relationships with suppliers, customers, and others - Impact of the company's operations on the community and the environment - Desirability of the company maintaining a reputation for high standards of business conduct - Need to act fairly as between members of the company The board has long term strategic plans and monitors progress throughout the year using detailed reports on operating performance and regular management accounts. Key areas of focus in the decision-making process are delivering customer service, investing in our people, developing our systems and maximising operational efficiency. The board regularly reviews how the company maintains positive relationships with all of its stakeholders including shareholders, employees, customers, suppliers and others. There are scheduled board meetings between the company's board, key management personnel and other members of the senior management team to deliver the strategic objectives of the company and maximise its shareholders' return. We believe our staff are our most important asset and their safety and wellbeing is one of our main considerations in the way we approach our business. We strive to create a culture where everyone feels valued and motivated to contribute to the company's goals. There are stringent policies and procedures in place (such as Bullying and Harassment policies and the Grievance procedure) to ensure that all employees feel respected and valued. Our online training platform ensures all staff are fully trained and offers access to extra training on an ongoing basis. Caring for our customers is fundamental to our success and we keep them informed regarding offers, competitions and "give-away" via our website, Facebook and Instagram. Through staff training we endeavour to provide a high standard of service and offer our customers specific advice regarding our range of products. The directors recognise the key role suppliers play in ensuring the company delivers quality products and service to our customers. We aim to build good relationships with our suppliers and treat them fairly and pay them within agreed timescales, holding ourselves to high standards of business conduct. We are committed to acting professional, fairly and with integrity in all our business dealings and relationships. We recognise our responsibility to our local communities. To this end we operate a "Challenge 21" policy and work closely with local community agencies and PSNI to help combat underage drinking and proxy buying. We also support 2 charities - a local NI Charity the N.I. Children to Lapland Trust and Marie Curie. To reduce the impact of single use plastic on the environment we have replaced single use plastic bags with reusable bags. We have also replaced our printed window posters with digital signage screens, reducing the amount we print on a monthly basis. Internal fire logs and other necessary documentation at shop level have also been moved online to further reduce our usage of paper across the business. The Board of Directors always aim to act responsibly and in good faith to maintain our good reputation for high standards of business conduct. We always consider the long-term consequences of our decisions and believe that our good reputation is the basis for our continued profitability for the benefit of all our stake holders.

This report was approved by the board of directors on 5 June 2026 and signed on behalf of the board by:

A Carson

Director

Registered office:

8 Westbank Road

Belfast Harbour Estate

Belfast

Northern Ireland

BT3 9JL

Wineflair (Belfast) Limited

Directors' Report

Year ended 30 September 2025

The directors present their report and the financial statements of the company for the year ended 30 September 2025 .

Directors

The directors who served the company during the year were as follows:

A Carson
R Hall
A Mc Guinness
B Mc Kay
C Mc Kay
M Leask	(Resigned 30 September 2025)

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Future developments

The directors continue to seek opportunities to increase business both organically and through acquisition, with a number of such opportunities currently under review.

The company continuously monitors market trends and customer behaviours and implements any trends into their strategic decision making. Management also carry out strategic reviews including assessments of competitor activity and pricing and actively make strategic and operational decisions in response.

The company also continues to invest in our IT systems and modernising our shops, warehousing, and head office. A significant investment will be made in the next few months to improve our accounting software.

The Board regularly reviews the performance and profitability of individual stores within the Company considering financial and non-financial factors, including the impacts of the next increase in minimum wage from April 2026. With trading conditions over the past few years evolving the Company is continually looking to reshape market presence and offering to its customer base. Any decisions made around individual stores are made in light of the benefit to the performance of the Company and the long-term benefit to the employees from the improved Company performance.

Greenhouse gas emissions and energy consumption

Information not included

The Company has taken the exemption available not to disclose information in respect of greenhouse has emissions, energy consumption and energy efficiency action given this is disclosed in the consolidated financial statements of the ultimate parent company, Liquorland Limited, which can be obtained from 8 Westbank Road, Belfast Harbour Estate, Belfast, BT3 9JL

Employment of 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 company continues and that the appropriate training is arranged. It is the policy of the company 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's policy is to consult and discuss with employees, through staff councils and at meetings, matters likely to affect employees' interests. Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance. All notices, policies and procedures are accessible to all staff via our online HR platform.

Financial instruments

The company has a risk management programme that seeks to limit the adverse effects on the financial performance of the company. The company has various financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.

Liquidity risk

The company actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the company has sufficient available funds for operations and planned extensions.

Interest rate risk

The company finances its operations through a mixture of retained profits and bank overdraft. The company exposure to interest rate fluctuations is managed through regular reviews of its financing requirements, and where appropriate, through the use of fixed or floating interest arrangements.

Competition risk

The business environment in which we operate continues to be challenging with the impact of strong competition from the UK multiples who occupy the Northern Ireland marketplace continuing to put pressure on alcohol prices.

Financial Risk

The company has budgetary and financial reporting procedures, supported by appropriate key performance indictors to manage credit, liquidity, and other financial risk.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 5 June 2026 and signed on behalf of the board by:

A Carson

Director

Registered office:

8 Westbank Road

Belfast Harbour Estate

Belfast

Northern Ireland

BT3 9JL

Wineflair (Belfast) Limited

Independent Auditor's Report to the Members of Wineflair (Belfast) Limited

Year ended 30 September 2025

Opinion

We have audited the financial statements of Wineflair (Belfast) Limited (the 'company') for the year ended 30 September 2025 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 company's affairs as at 30 September 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - the nature of the industry and sector, control environment and business performance including the design of the Group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; - results of our enquiries of management about their own identification and assessment of the risks of irregularities; - any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006 and Taxation Legislation. Audit response to risks identified Our procedures to respond to risks identified included the following: - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - enquiring of management and external legal counsel concerning actual and potential litigation and claims; - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in new making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Cathal Maneely

(Senior Statutory Auditor)

For and on behalf of

Maneely Mc Cann Audit Limited

Chartered accountants & statutory auditor

Aisling House

50 Stranmillis Embankment

Belfast

BT9 5FL

5 June 2026

Wineflair (Belfast) Limited

Statement of Income and Retained Earnings

Year ended 30 September 2025

		2025	2024
Note		£	£
Turnover	4	34,974,847	37,721,228

Cost of sales	23,780,293	26,795,875
	-------------	-------------
Gross profit	11,194,554	10,925,353

Administrative expenses		10,567,320	10,399,441
Other operating income	5	29,363	72,323
		-------------	-------------
Operating profit	6	656,597	598,235

Other interest receivable and similar income	10	20,993	32,343
Interest payable and similar expenses	11	22,516	29,542
		-------------	-------------
Profit before taxation		655,074	601,036

Tax on profit	12	308,163	162,180
		---------	---------
Profit for the financial year and total comprehensive income		346,911	438,856
		---------	---------

Dividends paid and payable	13	( 664,972)	( 810,628)

Retained earnings at the start of the year	15,316,573	15,688,345
	-------------	-------------
Retained earnings at the end of the year	14,998,512	15,316,573
	-------------	-------------

All the activities of the company are from continuing operations.

Wineflair (Belfast) Limited

Statement of Financial Position

30 September 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	14	6,227,745	6,878,220
Tangible assets	15	1,100,309	1,610,715
		------------	------------
		7,328,054	8,488,935

Current assets

Stocks	16	3,474,480	3,289,219
Debtors	17	9,812,258	9,940,443
Cash at bank and in hand		1,436,618	2,012,219
		-------------	-------------
		14,723,356	15,241,881

Creditors: amounts falling due within one year	18	5,374,123	6,726,155
		-------------	-------------
Net current assets		9,349,233	8,515,726
		-------------	-------------
Total assets less current liabilities		16,677,287	17,004,661

Creditors: amounts falling due after more than one year	19	206,880	249,693

Provisions	21	342,988	309,488
		-------------	-------------
Net assets		16,127,419	16,445,480
		-------------	-------------

Capital and reserves

Called up share capital	24	502	502
Revaluation reserve	25	1,128,405	1,128,405
Profit and loss account	25	14,998,512	15,316,573
		-------------	-------------
Shareholders funds		16,127,419	16,445,480
		-------------	-------------

These financial statements were approved by the board of directors and authorised for issue on 5 June 2026 , and are signed on behalf of the board by:

A Carson	A Mc Guinness
Director	Director

Company registration number: NI019803

Wineflair (Belfast) Limited

Notes to the Financial Statements

Year ended 30 September 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 8 Westbank Road, Belfast Harbour Estate, Belfast, BT3 9JL, Northern Ireland.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements of the Companies Act 2006'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors continue to adopt the going concern basis of accounting in preparing the financial statements.The directors have prepared detailed cash flow forecasts for the period to September 2025. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the period of at least 12 months from the date of approval of the financial statements.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Liquorland Limited which can be obtained from the registered office address, 8 Westbank Road, Belfast Harbour Estate, Belfast, BT3 9JL. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has 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 are as follows: Determining and assessing the residual value of licences At each reporting date licences are reviewed to determine the residual value of the intangible asset. The directors consider the residual value of licences to be in excess of the cost at original recognition based upon their knowledge of the business, the market the company operates in and previous transactions comprising licences. Accordingly an amortisation charge of £nil has been charged in both the current and the previous financial year. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Carrying value of goodwill The company establishes a reliable estimate of the useful life of goodwill arising on business combinations. The estimate is based on a variety of factors such as unexpected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed to, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of smaller business.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on sale of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the sale of lottery products includes only the net commission in relation to products sold.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life of 50 years. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	50 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:

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.

Freehold property	-	2% straight line
Fixtures and fittings	-	15% and 25% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition. Cost is calculated using the weighted average method. 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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments of FRS 102, in full, to all of its financial instruments. Recognition and measurement of financial instruments Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Classification of financial instruments Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities Financial assets and liabilities at amortised cost Trade, group and other debtors Trade, group and other debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss. Trade creditors, group and other creditors Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled. Where the arrangement with a creditor constitutes a financing transaction, the creditor is initially measured at the present value of future payments discounted at a market rate of interest for a similar instrument and subsequently measured at amortised cost, being transaction price less any amounts settled and the cumulative amortisation (using the effective interest method) of any difference between the amount at initial recognition and the maturity amount. The effective interest rate is the rate that discounts estimated future cash payments to the carrying amount of the financial liability. Equity Equity instruments Financial instruments classified as equity instruments are recorded at the fair value of the cash or other resources received or receivable, net of transaction costs. Derecognition of financial assets and liabilities A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some (but not substantially all) 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. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

Defined contribution plans

Retirement benefits For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments. The company contributes to a Group Personal Pension Scheme on behalf of employees. Contributions payable to this scheme are charged to the profit and loss account in the period in which they relate. The scheme is a money purchase scheme. The company also contributes to a workplace pension scheme (NEST). 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.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Off licences and Convenience Stores	34,974,847	37,721,228
	-------------	-------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Other operating income

	2025	2024
	£	£
Other operating income	29,363	72,323
	--------	--------

6. Operating profit

Operating profit or loss is stated after charging:

	2025	2024
	£	£
Amortisation of intangible assets	20,600	17,808
Depreciation of tangible assets	528,082	478,180
Loss on disposal of tangible assets	35,696	1,360
Loss on disposal of intangible assets	229,873	–
Impairment of trade debtors	18,460	–
	---------	---------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	17,500	18,000
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	–	13,300
	--------	--------

8. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	25	29
Distribution staff	4	4
Administrative staff	352	350
	----	----
	381	383
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	5,689,491	5,491,120
Social security costs	447,238	328,293
Other pension costs	118,290	272,059
	------------	------------
	6,255,019	6,091,472
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	37,300	46,400
Company contributions to defined contribution pension plans	21,320	160,040
	--------	---------
	58,620	206,440
	--------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	2	3
	----	----

10. Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	20,993	32,343
	--------	--------

11. Interest payable and similar expenses

	2025	2024
	£	£
Interest on obligations under finance leases and hire purchase contracts	22,516	8,907
Other interest payable and similar charges	–	20,635
	--------	--------
	22,516	29,542
	--------	--------

12. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	274,663	235,434

Deferred tax:

Origination and reversal of timing differences	33,500	( 73,254)
	---------	---------
Tax on profit	308,163	162,180
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	655,074	601,036
	---------	---------
Profit on ordinary activities by rate of tax	163,769	150,259
Effect of expenses not deductible for tax purposes	25,059	9,116
Effect of capital allowances and depreciation	85,835	76,059
Deferred tax adjustment	33,500	( 73,254)
	---------	---------
Tax on profit	308,163	162,180
	---------	---------

13. Dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	664,972	810,628
	---------	---------

14. Intangible assets

	Goodwill	Patents, trademarks and licences	Total
	£	£	£
Cost
At 1 October 2024	2,208,604	6,224,636	8,433,240
Additions	–	–	–
Disposals	( 187,215)	( 497,039)	( 684,254)
	------------	------------	------------
At 30 September 2025	2,021,389	5,727,597	7,748,986
	------------	------------	------------
Amortisation
At 1 October 2024	1,555,020	–	1,555,020
Charge for the year	20,600	–	20,600
Disposals	( 54,379)	–	( 54,379)
	------------	------------	------------
At 30 September 2025	1,521,241	–	1,521,241
	------------	------------	------------
Carrying amount
At 30 September 2025	500,148	5,727,597	6,227,745
	------------	------------	------------
At 30 September 2024	653,584	6,224,636	6,878,220
	------------	------------	------------

15. Tangible assets

	Freehold property	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 October 2024	166,485	5,749,490	468,989	6,384,964
Additions	–	94,863	–	94,863
Disposals	–	( 168,588)	( 74,861)	( 243,449)
	---------	------------	---------	------------
At 30 September 2025	166,485	5,675,765	394,128	6,236,378
	---------	------------	---------	------------
Depreciation
At 1 October 2024	77,320	4,607,747	89,182	4,774,249
Charge for the year	3,376	426,629	98,077	528,082
Disposals	–	( 142,868)	( 23,394)	( 166,262)
	---------	------------	---------	------------
At 30 September 2025	80,696	4,891,508	163,865	5,136,069
	---------	------------	---------	------------
Carrying amount
At 30 September 2025	85,789	784,257	230,263	1,100,309
	---------	------------	---------	------------
At 30 September 2024	89,165	1,141,743	379,807	1,610,715
	---------	------------	---------	------------

The net book value of motor vehicles includes £230,264 (2024: £370,906) in respect of assets held under finance lease and hire purchase contracts.

16. Stocks

	2025	2024
	£	£
Finished goods and goods for resale	3,474,480	3,289,219
	------------	------------

17. Debtors

	2025	2024
	£	£
Trade debtors	62,653	83,227
Amounts owed by group undertakings	9,405,631	9,405,631
Prepayments and accrued income	342,277	447,097
Other debtors	1,697	4,488
	------------	------------
	9,812,258	9,940,443
	------------	------------

18. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	3,863,427	5,060,422
Accruals and deferred income	708,207	949,672
Corporation tax	274,658	235,386
Social security and other taxes	498,600	443,170
Obligations under finance leases and hire purchase contracts	5,723	10,592
Director loan accounts	23,508	26,913
	------------	------------
	5,374,123	6,726,155
	------------	------------

Danske Bank has a fixed and floating charge over the property and undertakings of the company.

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

	2025	2024
	£	£
Obligations under finance leases and hire purchase contracts	206,880	249,693
	---------	---------

20. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2025	2024
	£	£
Not later than 1 year	5,723	10,592
Later than 1 year and not later than 5 years	206,880	249,693
	---------	---------
	212,603	260,285
	---------	---------

The company's obligations under finance lease are secured by the lessor's charge over the leased assets.

21. Provisions

	Deferred tax (note 22)
	£
At 1 October 2024	309,488
Additions	33,500
	---------
At 30 September 2025	342,988
	---------

22. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 21)	342,988	309,488
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	342,988	309,488
	---------	---------

23. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 118,290 (2024: £ 272,059 ).

24. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	502	502	502	502
	----	----	----	----

The company's ordinary shares each carry full voting rights, full rights to participate in dividends, full rights to participate in distribution of capital and non-redeemable.

25. Reserves

Revaluation reserve - This reserve is the non-distributable reserve created through the revaluation of licences to deemed cost upon acquisition. Profit and loss account - Cumulative profit and loss net of distribution to owners.

26. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	869,794	1,028,235
Later than 1 year and not later than 5 years	2,618,211	2,853,915
Later than 5 years	1,944,647	1,872,968
	------------	------------
	5,432,652	5,755,118
	------------	------------

Operating lease payments represent rentals payable by the company for certain of its properties and vehicles.

27. Related party transactions

Wineflair (Belfast) Limited is a 100% subsidiary of Liquorland Limited. The company has taken advantage of the exemption under FRS 102 section 33. This exemption permits non disclosure of related party transactions of a wholly owned subsidiary company within the group.

28. Controlling party

The directors consider the immediate and ultimate parent undertaking to be Liquorland Limited , a company incorporated in Northern Ireland. Liquorland Limited is the immediate parent, and is the smallest and largest group for which consolidated accounts including Wineflair (Belfast) Limited are prepared. The consolidated accounts of Liquorland Limited are available from its registered office, 8 Westbank Road, Belfast Harbour Estate, Belfast, BT3 9JL.