The Directors present their strategic report for the 16-month period ended 31 March 2026.

Beyond Retail is a leading online retailer specialising in bathroom, kitchen and heating products, serving the UK market through its core brands: Drench, Tap Warehouse and Toasty (previously Only Radiators). Following a change in the company’s accounting year end, these statutory accounts represent a 16-month period of transition and significant strategic progress.

To provide a meaningful assessment of the company’s trajectory, the Directors have focused their review on the 12-month period ending 31 March 2026 ("FY26") compared to the equivalent 12-month period in the prior year ("FY25"). This comparison reveals a business that has successfully transitioned from a period of market-driven challenges to one of robust growth and renewed profitability.

Operational and Financial Performance

The financial year ending 31 March 2026 was a landmark period for Beyond Retail, characterised by the successful execution of the core strategic initiatives. On a like-for-like 12-month basis, revenue reached £46.3m, representing a 9.2% increase over the previous year. This growth was broad-based, with the Drench brand growing by 10% and the Trade channel delivering an exceptional 26% increase in revenue.

Additionally Beyond Retail has continued to see a substantial improvement in gross profit margin, which rose by 5.1 percentage points to 43.6%. This was achieved through a disciplined focus on:

• Expand Stock & Sourcing:

  • Utilising container bulk ordering to increase the breadth and width of stock levels

  • Expanding own-label product mix through direct sourcing

• Optimised Operations:

  • Achieving logistics optimisation by establishing strategic partnerships with our logistics and delivery service providers

  • Improving operational efficiency through enhanced warehouse processes and stronger supplier relationships

These initiatives culminated in EBITDA of £3.8m for the 12 months to March 2026, a significant turnaround from the £1.6m achieved in the prior 12-month period.

Strategic Highlights

The past period saw several key strategic initiatives and operational improvements:

• Heating Website Re-Brand: The ‘Only Radiators’ website was completely overhauled and relaunched under the new brand ‘Toasty’. This repositioning, including significant updates to the product range, pricing and content aims for long-term expansion and establishes a confident, contemporary voice, with clear market differentiation.

• In-housing of Marketing Capability: This critical move enhances speed, improves control over data & insights, strengthens accountability and provides the necessary foundation for driving growth, testing new ideas and moving forward with increased confidence.

• Launch of an Outlet store (Poole): This new location enables the efficient sale of returned products not suitable for resale as new; boosts Trade visibility locally; and provides customers with a convenient 'cash and carry' option for affordable, everyday items.

• Continued Website Enhancements: The company delivered multiple improvements across the sites, including a refined homepage, upgraded product pages, improved product cards, a new product comparison tool and enhanced personalisation features.

• Product Range Expansion: The company successfully introduced new product lines, including own-label concrete basins, a full overhaul of the heating category, on-trend furniture ranges and further expansion of mirrors and cabinets.

• Commitment to Excellence: The company maintains its status as a ‘Real Living Wage’ employer; sustained ‘Excellent’ Trustpilot ratings across all three brands; and reinstated its phone lines to offer customers greater choice in how they contact us.

Collectively, these strategic initiatives reinforce Beyond Retail’s commitment to modernising the home improvement shopping experience and enhancing market presence.

Key performance indicators

KPI Apr 25 - Mar 26 Apr 24 - Mar 25

Revenue         £46.3m £42.4m

Gross margin %         43.6% 38.5%

EBITDA         £3.8m £1.6m

EBITDA margin %          8.1% 3.7%

While operating in a highly competitive landscape, the company views this environment as a continuous opportunity to sharpen its competitive edge by maintaining a relentless focus on core value drivers: product range, pricing strategy and best-in-class customer service. Proactive risk management is intrinsically linked to enhancing the market proposition.

To manage associated risks, the company continually reviews its trading activities and implements proactive plans, enabling it to react quickly to changes in the external environment. Key focus areas that could impact performance—potentially leading to reduced website traffic, declining sales, or inappropriate stock holdings—include product range, pricing, customer service, stock availability and search engine prominence (e.g. Google).

Risk mitigation is achieved by strengthening both the product and marketing propositions, alongside the introduction of enhanced business intelligence capabilities. Beyond Retail leverages business management software to monitor key performance indicators and operational procedures. It also fosters strong working relationships with key suppliers and aims to provide an excellent working environment, identifying and nurturing talent to empower employees to act in the company’s best interests.

Performance is regularly reviewed by the management team across various key indicators, with regular management accounts presented and working capital requirements monitored.

As the company's sales are predominantly within the United Kingdom, and the majority of purchases are sourced from UK-based companies or outside the European Union, the impacts of Brexit remain limited. The company continues to closely monitor the effects of Brexit to ensure associated risks are mitigated.

The Directors of Beyond Retail are pleased to express a high degree of confidence entering the 2027 financial year, buoyed by the demonstrable success of the strategic plans thus far.

Strong momentum has been witnessed in the initial weeks of FY27, with year-to-date figures tracking at +30%, reinforcing the positive outlook regarding the ambitious revenue targets for the year.

Beyond Retail's core strategic focus for the upcoming period includes:

• Margin Expansion & Operational Efficiency

• Ongoing rollout of the new Toasty brand

• Development of Adjacent Product Categories

• Continued Trade expansion

Beyond Retail now operates on a significantly strengthened operational foundation, thanks to investments in product range, technology, logistics and people over the prior years. This more resilient, scalable and efficient business model positions the company exceptionally well to execute its strategy and achieve sustained, long-term success.

On behalf of the board

The Directors present their annual report and financial statements for the Period ended 31 March 2026.

The total distribution of dividends for the period ended 31 March 2026 will be £247,000.

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

In accordance with the company's articles, a resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting.

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

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

• select suitable accounting policies and then apply them consistently;

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

• 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.

In accordance with S414C certain matters which are required to be disclosed in the Reports of the Directors have been omitted as they are included in the Strategic Report. These matters relate to the review of the business and financial performance principal risks and uncertainties and future outlook.

So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Beyond Retail Limited (the 'company') for the Period ended 31 March 2026 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the Period then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 our audit:

• the information given in the strategic report and the directors' report for the financial Period 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.

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 and 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.

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.

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.

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

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the group and the sector in which they operate.

- We obtained an understanding of how the company and the group are complying with those legal and regulatory frameworks by making inquires to the management and we corroborated our inquiries through our review or board reports.

- We assessed the susceptibility of the company and the group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

o Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

o Challenging assumptions and judgments made by management in its significant accounting estimates;

o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and

o Assessing the extent of compliance with the relevant law and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery,collusion, omission or misrepresentation.

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/auditors responsibilities. 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 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.

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

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

The notes on pages 17 to 27 form part of these financial statements.

The notes on pages 17 to 27 form part of these financial statements.

Beyond Retail Limited 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.

The company made the decision to change its year end to 31 March, this was to better reflect the seasonality of the business and move year-end away from a peak trading period.

Due to this change the comparatives presented in the financial statements (including the related notes) are not entirely comparable.

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.

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

Revenue for the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible fixed assets are amortised at rates calculated to write off the assets on a straight basis over their useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Amortisation has been provided at the following rates in order to write off the assets over their estimated useful lives:

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

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to leave the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at at market rate of interest.

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

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

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 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.

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease,

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

In the application of the company's accounting policies, which are described below, 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.

There are no areas that require significant judgements from management.

The most significant estimates made by management, which are based on their own experience, are for the useful life of tangible and intangible fixed assets. The carrying value of fixed assets at 31 March 2026 is £3.43m (30 November 2024: £3.12m).

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

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under money purchase schemes amounted to 5 (2024 - 5).

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

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

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions paid during the period amounted to £244k (2024: £189 k). A balance of £35k was outstanding at the year end (2024: £30k).

All shares rank pari passu save that the directors may determine in their absolute discretion different dividends on different share classes.

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

Both Mr D Lees-Bell and Mr E.J Lees-Bell are directors of Island Bathrooms Limited. During the period the company made purchases of <£1k (2024: <£1k) and sales of £375k (2024: £208k) with Island Bathrooms Limited. At the period end £22k (2024 : £22k) was included in debtors.

Included within creditors is balance of £3k (2024: £69k) owed by the company to the director, Mr E J Lees-Bell.

Included within creditors is a balance of £1k (2024: £67k) owed by the company to the director, Ms S A Marshallsay.

Key management personnel are considered to be the directors. Their remuneration is disclosed in note 6.