REGISTERED NUMBER: 00594706 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Period

28 January 2025 to 26 January 2026

for

Vincent Davies & Son Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

Dr S. Vincent-Davies

Mrs L. Hughes

Mrs S. John

Mr G A John

SECRETARY:

Mrs L. Hughes

REGISTERED OFFICE:

Ashmole & Co

Williamston House

7 Goat Street

HAVERFORDWEST

Pembrokeshire

SA61 1PX

REGISTERED NUMBER:

00594706 (England and Wales)

SOLICITORS:

Price & Son

33 Hill Lane

Haverfordwest

Pembrokeshire

The directors are pleased to provide the company's strategic report covering the period ended 27th January 2025.

REVIEW OF BUSINESS

The company continued to operate a department store from its premises at Fishguard Road, Haverfordwest, Pembrokeshire.

The directors are satisfied with the performance of the company during this period of review as disclosed within the attached financial statements.

During the period the company undertook significant works to redevelop both its cafeteria and garden centre facilities. It continued to develop its product lines as part of its ongoing drive to improve its customer shopping experience.

Details of the company's liquidity is shown within the attached cash flow statement.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors are mindful of the competition faced by the company from existing and online retailers and the effects of the prevailing economic conditions upon customer demand.

The company will continue to develop its store and the shopping experience offered to its customers. It will seek to enhance the product lines available and continue to offer its valued customer base high quality items at competitive prices.

ON BEHALF OF THE BOARD:

Mrs L. Hughes - Director

17 June 2026

The directors present their report with the financial statements of the company for the period 28 January 2025 to 26 January 2026.

Vincent Davies & Son Limited is a limited liability company which was incorporated in the UK on 3rd December 1957.

DIVIDENDS

Dividends per share were paid as follows:

Period Ended 26th January 2026 (Interim)

Ordinary 'A'

£0.00

Ordinary 'B'

£0.00

Ordinary 'C'

£27.34

Ordinary 'D'

£43.41

Dividends per share were paid as follows:

Period Ended 27th January 2025 (Final)

Ordinary 'A'

£7.13

Ordinary 'B'

£0.00

Ordinary 'C'

£18.19

Ordinary 'D'

£18.09

Ordinary 'E'

£13.92

DIRECTORS

The directors shown below have held office during the whole of the period from 28 January 2025 to the date of this report.

Dr S. Vincent-Davies

Mrs L. Hughes

Mrs S. John

Mr G A John

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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.

AUDITORS

The auditors, Ashmole and Co., will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs L. Hughes - Secretary

17 June 2026

Opinion

We have audited the financial statements of Vincent Davies & Son Limited (the 'company') for the period ended 26 January 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 26 January 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 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors 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 Directors 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 Directors.

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 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 Statement of Directors' Responsibilities set out on page three, 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 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.

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:

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are concluded in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regularity framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS102, and the Companies Act 2006. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures.

The audit engagement team identified the risk of management override of controls as an area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business.

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.

D.M.T Gould B.A(Hons), ACA, FCCA (Senior Statutory Auditor)

for and on behalf of Ashmole and Co.

Chartered Certified Accountants and Statutory

Auditors

Williamston House

7 Goat Street

Haverfordwest

Pembrokeshire

SA61 1PX

6 July 2026

TURNOVER

8,309,934

7,713,516

Cost of sales

4,219,760

3,917,951

GROSS PROFIT

4,090,174

3,795,565

Administrative expenses

3,494,252

3,546,862

595,922

248,703

Other operating income

2,926

2,351

OPERATING PROFIT

4

598,848

251,054

Interest receivable and similar income

71,445

117,599

670,293

368,653

Interest payable and similar expenses

5

-

652

PROFIT BEFORE TAXATION

670,293

368,001

Tax on profit

6

198,068

121,971

PROFIT FOR THE FINANCIAL PERIOD

472,225

246,030

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

472,225

246,030

FIXED ASSETS

Tangible assets

8

4,145,584

4,102,811

CURRENT ASSETS

Stocks

9

1,467,561

1,476,730

Debtors

10

68,167

65,790

Cash at bank and in hand

3,149,416

3,254,750

4,685,144

4,797,270

CREDITORS

Amounts falling due within one year

11

1,340,797

1,522,614

NET CURRENT ASSETS

3,344,347

3,274,656

TOTAL ASSETS LESS CURRENT LIABILITIES

7,489,931

7,377,467

PROVISIONS FOR LIABILITIES

12

153,239

129,220

NET ASSETS

7,336,692

7,248,247

CAPITAL AND RESERVES

Called up share capital

13

13,990

13,990

Share premium

14

6,527

6,527

Retained earnings

14

7,316,175

7,227,730

SHAREHOLDERS' FUNDS

7,336,692

7,248,247

The financial statements were approved by the Board of Directors and authorised for issue on 17 June 2026 and were signed on its behalf by:

Mrs S. John - Director

Mrs L. Hughes - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 30 January 2024

13,990

7,323,296

6,527

7,343,813

Changes in equity

Dividends

-

(341,596

)

-

(341,596

)

Total comprehensive income

-

246,030

-

246,030

Balance at 27 January 2025

13,990

7,227,730

6,527

7,248,247

Changes in equity

Dividends

-

(383,780

)

-

(383,780

)

Total comprehensive income

-

472,225

-

472,225

Balance at 26 January 2026

13,990

7,316,175

6,527

7,336,692

Cash flows from operating activities

Cash generated from operations

1

612,496

695,996

Interest paid

-

(652

)

Tax paid

(124,200

)

(211,932

)

Net cash from operating activities

488,296

483,412

Cash flows from investing activities

Purchase of tangible fixed assets

(283,220

)

(348,189

)

Sale of tangible fixed assets

1,925

490

Interest received

71,445

117,599

Net cash from investing activities

(209,850

)

(230,100

)

Cash flows from financing activities

Equity dividends paid

(383,780

)

(341,596

)

Net cash from financing activities

(383,780

)

(341,596

)

Decrease in cash and cash equivalents

(105,334

)

(88,284

)

Cash and cash equivalents at beginning of period

2

3,254,750

3,343,034

Cash and cash equivalents at end of period

2

3,149,416

3,254,750

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

Period

28.1.25

30.1.24

to

to

26.1.26

27.1.25

£

£

Profit before taxation

670,293

368,001

Depreciation charges

238,477

221,980

Loss on disposal of fixed assets

45

52,244

Finance costs

-

652

Finance income

(71,445

)

(117,599

)

837,370

525,278

Decrease/(increase) in stocks

9,169

(37,937

)

Increase in trade and other debtors

(2,377

)

(8,027

)

(Decrease)/increase in trade and other creditors

(231,666

)

216,682

Cash generated from operations

612,496

695,996

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 26 January 2026

26.1.26

28.1.25

£

£

Cash and cash equivalents

3,149,416

3,254,750

Period ended 27 January 2025

27.1.25

30.1.24

£

£

Cash and cash equivalents

3,254,750

3,343,034

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 28.1.25

Cash flow

At 26.1.26

£

£

£

Net cash

Cash at bank and in hand

3,254,750

(105,334

)

3,149,416

3,254,750

(105,334

)

3,149,416

Total

3,254,750

(105,334

)

3,149,416

1.	STATUTORY INFORMATION

Vincent Davies & Son 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.

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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that the actual outcomes could differ from those estimates.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2.5% on cost

Warehouse

-

2.5% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Lorry

-

20% on reducing balance

Stocks

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

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 period 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.

Hire purchase and leasing commitments

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

3.	EMPLOYEES AND DIRECTORS

Period

Period

28.1.25

30.1.24

to

to

26.1.26

27.1.25

£

£

Wages and salaries

2,253,235

2,117,488

Social security costs

243,051

179,194

Other pension costs

79,838

281,977

2,576,124

2,578,659

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

Period

Period

28.1.25

30.1.24

to

to

26.1.26

27.1.25

Directors

4

4

Management

6

5

General

100

98

110

107

Period

Period

28.1.25

30.1.24

to

to

26.1.26

27.1.25

£

£

Directors' remuneration

51,700

64,200

4.	OPERATING PROFIT

The operating profit is stated after charging:

Period

Period

28.1.25

30.1.24

to

to

26.1.26

27.1.25

£

£

Hire of plant and machinery

343

300

Depreciation - owned assets

238,477

221,980

Loss on disposal of fixed assets

45

52,244

Auditors' remuneration

5,100

4,900

Taxation compliance services

1,550

1,480

Accountancy & tax

19,817

17,708

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

Period

28.1.25

30.1.24

to

to

26.1.26

27.1.25

£

£

Other interest payable

-

652

6.

TAXATION

26.1.26

27.1.25

£

£

Profit on ordinary activities before tax

654,108

368,002

£

£

Profit on ordinary activities by rate of tax

163,527

92,001

Depreciation for period in excess of capital allowances

21,591

32,200

Total current tax

185,118

124,201

7.

DIVIDENDS

26.1.26

27.1.25

£

£

Equity shares

Final

153,070

156,630

Interim

230,710

184,966

383,780

341,596

8.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

Warehouse

machinery

£

£

£

COST

At 28 January 2025

4,875,374

506,807

2,375,808

Additions

76,923

-

206,297

Disposals

-

-

(12,648

)

At 26 January 2026

4,952,297

506,807

2,569,457

DEPRECIATION

At 28 January 2025

1,589,369

244,005

1,862,244

Charge for period

109,309

12,670

107,683

Eliminated on disposal

-

-

(10,678

)

At 26 January 2026

1,698,678

256,675

1,959,249

NET BOOK VALUE

At 26 January 2026

3,253,619

250,132

610,208

At 27 January 2025

3,286,005

262,802

513,564