Company registration number 01077356 (England and Wales)
BOSWELLS COFFEE COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 OCTOBER 2025
BOSWELLS COFFEE COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr N P Burn
Mr M J Burn
Mr T J E Burn
Secretary
Mrs C Jones
Company number
01077356
Registered office
18 High Street
Didcot
Oxfordshire
OX11 8EQ
Auditor
DSA Prospect Audit Limited
First Floor
1 Des Roches Square
Witan Way
Witney
OX28 4BE
BOSWELLS COFFEE COMPANY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 24
BOSWELLS COFFEE COMPANY LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 1 -

The directors present the strategic report for the period ended 26 October 2025.

Review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complexity of our business and is written in the context of the risks and uncertainties it faces.

Revenue growth was driven primarily by the addition of a new branch, Basingstoke. Operating profit increased 62% due to improved gross margins and effective cost management. Return on assets rose to 9%, reflecting more efficient use of resources and the successful integration of the new branch.

The company remains financially robust, with current assets comfortably exceeding current liabilities and a 51% increase in total equity compared to the prior year.

2025
2024
Change
£'000
£'000
+/-
Revenue
15,906
14,723
8.04%
Operating profit
646
397
62.45%
Profit for the financial period
591
430
37.53%
Total equity
1,759
1,168
50.62%
Current assets as % of current liabilities
157%
134%
22.71%
Return on assets %
9%
7%
1.74%
Average number of employees in the year
190
237
(19.83)%
Principal risks and uncertainties

As with many businesses, the company is exposed to macroeconomic factors of an uncertain nature such as changes in inflation, consumer spending patterns and levels of disposable income.

The directors continually identify, evaluate and manage material risks and uncertainties which could adversely affect the company's business and operating results. Details of the principal risks identified by the directors is as follows (noting that this list may not be exhaustive and that other risks may emerge over time):

- Increased competition in the market in which Boswells operates

- Decreased customer demand for Boswells' products

- Adverse effect of any reports showing coffee to have negative health effects

- Supply chain disruption due to supplier failure

- Increase in prices of raw materials

- Adverse economic conditions in the retail market

Key performance indicators

The board has assessed that the following KPIs are the most effective measures of progress towards achieving the company strategies and objectives:

Like for like sales

The company seeks to increase profitability by increasing the sales of branches open for more than one year. The company seeks positive like for like sales.

New Branches

A key part of the company's strategy is to increase the scale where appropriate. The key measure of this is the number of profitable new branches opened. We aim to only open new branches that will contribute financially to the company.

BOSWELLS COFFEE COMPANY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 2 -

Employees

The company provides employees with information concerning trading, development and other appropriate matters through formal and informal briefings. Employees are consulted on a regular basis to ensure their views are taken into account in making decisions likely to affect their interests. The company gives full and fair consideration of disabled people, including the continuation in employment of employees who have become disabled. All employees are given equal opportunities for training and promotion, having regard to their particular aptitudes and abilities.

Environmental issues

The company considers itself a responsible supplier and ensures to keep the environment and sustainability as a priority when acquiring and utilising both raw materials and packaging. Levels of stock and production methods are monitored to ensure wastage is kept to a minimum.

Key people

As with all businesses the company is dependent upon a number of key employees, particularly for the sales activity and management functions. The company recognises this risk by support and careful long-term succession planning.

On behalf of the board

Mr N P Burn
Director
29 June 2026
BOSWELLS COFFEE COMPANY LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 3 -

The directors present their annual report and financial statements for the period ended 26 October 2025.

Principal activities

The principal activity of the company continued to be the operation of a chain of cafe restaurants.

Results and dividends

The results for the period are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr N P Burn
Mr M J Burn
Mr T J E Burn
Auditor

DSA Prospect Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr N P Burn
Director
29 June 2026
BOSWELLS COFFEE COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 4 -

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; and

- 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.

BOSWELLS COFFEE COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOSWELLS COFFEE COMPANY LIMITED
- 5 -
Opinion

We have audited the financial statements of Boswells Coffee Company Limited (the 'company') for the period ended 26 October 2025 which comprise the statement of comprehensive income, the statement of financial position, 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 26 October 2025 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 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 contained within the annual report. 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. 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 course of 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' r eport 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.

BOSWELLS COFFEE COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOSWELLS COFFEE COMPANY LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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, outlines above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud, are detailed below.

- Enquiry of management and those charge with governance around actual and potential litigation and claims;

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

- Reviewing minutes of meetings of those charged with governance;

- Reviewing financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transitions outside the normal course of business and reviewing accounting estimates for bias.

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, collusions, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

BOSWELLS COFFEE COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BOSWELLS COFFEE COMPANY LIMITED (CONTINUED)
- 7 -
Mr Gary John McHale FCCA (Senior Statutory Auditor)
For and on behalf of DSA Prospect Audit Limited, Statutory Auditor
Chartered Certified Accountants
First Floor
1 Des Roches Square
Witan Way
Witney
OX28 4BE
29 June 2026
BOSWELLS COFFEE COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 8 -
Period
Period
ended
ended
26 October
27 October
2025
2024
Notes
£
£
Revenue
3
15,905,904
14,722,589
Cost of sales
(13,555,624)
(12,530,753)
Gross profit
2,350,280
2,191,836
Administrative expenses
(2,023,744)
(1,873,453)
Other operating income
319,000
78,998
Operating profit
4
645,536
397,381
Investment income
6
140,179
185,452
Profit before taxation
785,715
582,833
Tax on profit
8
(194,694)
(153,088)
Profit for the financial period
591,021
429,745

The income statement has been prepared on the basis that all operations are continuing operations.

BOSWELLS COFFEE COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
26 OCTOBER 2025
26 October 2025
- 9 -
26 October 2025
27 October 2024
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
10
1,860,135
1,877,884
Current assets
Inventories
11
183,821
171,803
Trade and other receivables
12
75,170
162,586
Cash and cash equivalents
4,401,657
3,656,679
4,660,648
3,991,068
Current liabilities
13
(2,977,183)
(2,982,156)
Net current assets
1,683,465
1,008,912
Total assets less current liabilities
3,543,600
2,886,796
Non-current liabilities
14
(110,421)
(149,421)
Provisions for liabilities
Provisions
16
1,330,833
1,235,833
Deferred tax liability
17
343,706
333,923
(1,674,539)
(1,569,756)
Net assets
1,758,640
1,167,619
Equity
Called up share capital
19
8,000
8,000
Capital redemption reserve
47,996
47,996
Retained earnings
1,702,644
1,111,623
Total equity
1,758,640
1,167,619

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

The financial statements were approved by the board of directors and authorised for issue on 29 June 2026 and are signed on its behalf by:
Mr N P Burn
Director
Company registration number 01077356 (England and Wales)
BOSWELLS COFFEE COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 10 -
Share capital
Capital redemption reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 30 October 2023
8,000
47,996
1,932,733
1,988,729
Period ended 27 October 2024:
Profit and total comprehensive income
-
-
429,745
429,745
Dividends
9
-
-
(1,250,855)
(1,250,855)
Balance at 27 October 2024
8,000
47,996
1,111,623
1,167,619
Period ended 26 October 2025:
Profit and total comprehensive income
-
-
591,021
591,021
Balance at 26 October 2025
8,000
47,996
1,702,644
1,758,640
BOSWELLS COFFEE COMPANY LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
1,039,041
994,759
Income taxes paid
(25,674)
-
0
Net cash inflow from operating activities
1,013,367
994,759
Investing activities
Purchase of property, plant and equipment
(488,568)
(746,642)
Proceeds from disposal of property, plant and equipment
-
0
82
Repayment of loans
80,000
920,000
Interest received
140,179
185,452
Net cash (used in)/generated from investing activities
(268,389)
358,892
Financing activities
Dividends paid
-
0
(1,250,855)
Net cash used in financing activities
-
(1,250,855)
Net increase in cash and cash equivalents
744,978
102,796
Cash and cash equivalents at beginning of period
3,656,679
3,553,883
Cash and cash equivalents at end of period
4,401,657
3,656,679
BOSWELLS COFFEE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 12 -
1
Accounting policies
Company information

Boswells Coffee Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 High Street, Didcot, Oxfordshire, OX11 8EQ.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

The Company generates revenue from retail sales through the sale of goods to customers in-store. A revenue contract is entered into by the customer at the point of sale when an order is placed in-store. The Company's performance obligation to provide the food and drink products ordered by the customer is satisfied, and revenue recognised, at the point of sale.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Freehold land and buildings
over 50 years
Leasehold improvements
over lease term or 15% straight line if higher
Plant and machinery
15% straight line basis
Motor vehicles
25% straight line basis

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.

1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

BOSWELLS COFFEE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 OCTOBER 2025
1
Accounting policies
(Continued)
- 13 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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 realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

BOSWELLS COFFEE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 OCTOBER 2025
1
Accounting policies
(Continued)
- 14 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant 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.

Classification of financial liabilities

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

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

BOSWELLS COFFEE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 OCTOBER 2025
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

BOSWELLS COFFEE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 OCTOBER 2025
1
Accounting policies
(Continued)
- 16 -
1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
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 non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

BOSWELLS COFFEE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Dilapidations

The Company recognises a provision for dilapidations in respect of its leasehold properties where it has an obligation to restore premises to their original condition at the end of the lease term, in accordance with lease agreements. The recognition of such provisions requires management to exercise judgement in determining whether a present obligation exists and whether it is probable that an outflow of economic benefits will be required to settle the obligation.

The measurement of the dilapidations provision involves significant estimation. Key assumptions include the expected costs of reinstatement works, the timing of settlement at the end of the lease, and the condition of the leased premises at the reporting date. Cost estimates are based on historical experience, external contractor assessments where available, and current market rates for labour and materials. These estimates are inherently uncertain and may vary as a result of changes in property condition, regulatory requirements, or market conditions.

Where the effect of the time value of money is material, the provision is discounted to present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as a finance cost.

The final actual cost of dilapidations may differ from the amounts recognised, and such differences will be accounted for in the period in which they arise.

3
Revenue
2025
2024
£
£
Other revenue
Interest income
140,179
185,452
Compensation received
280,000
-
0
4
Operating profit
2025
2024
Operating profit for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
11,800
11,800
Depreciation of property, plant and equipment
506,317
466,703
Operating lease charges
1,959,221
1,874,213
BOSWELLS COFFEE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 18 -
5
Employees

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

2025
2024
Number
Number
190
237

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
7,205,079
6,403,846
Pension costs
315,000
270,000
7,520,079
6,673,846
6
Investment income
2025
2024
£
£
Interest income
Interest on bank deposits
140,179
185,452
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
140,179
185,452
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
605,936
574,269
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
243,645
231,979
BOSWELLS COFFEE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 19 -
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
187,133
66,353
Adjustments in respect of prior periods
(2,222)
-
0
Total current tax
184,911
66,353
Deferred tax
Origination and reversal of timing differences
9,783
86,735
Total tax charge
194,694
153,088

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
785,715
582,833
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
196,429
145,708
Tax effect of expenses that are not deductible in determining taxable profit
376
6,000
Adjustments in respect of prior years
(2,222)
-
0
Group relief
(1,500)
-
0
Depreciation on assets not qualifying for tax allowances
1,611
(84,819)
Deferred tax adjustments in respect of prior years
-
0
86,735
Tax at marginal rate
-
0
(536)
Taxation charge for the period
194,694
153,088
9
Dividends
2025
2024
£
£
Final paid
-
0
1,250,855
BOSWELLS COFFEE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 20 -
10
Property, plant and equipment
Freehold land and buildings
Leasehold improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
Cost
At 28 October 2024
250,000
18,591
3,446,904
251,085
3,966,580
Additions
-
0
-
0
336,420
152,148
488,568
Disposals
-
0
(8,949)
(672,767)
(84,590)
(766,306)
At 26 October 2025
250,000
9,642
3,110,557
318,643
3,688,842
Depreciation and impairment
At 28 October 2024
70,400
11,838
1,823,307
183,151
2,088,696
Depreciation charged in the period
5,000
1,446
423,585
76,286
506,317
Eliminated in respect of disposals
-
0
(8,949)
(672,767)
(84,590)
(766,306)
At 26 October 2025
75,400
4,335
1,574,125
174,847
1,828,707
Carrying amount
At 26 October 2025
174,600
5,307
1,536,432
143,796
1,860,135
At 27 October 2024
179,600
6,753
1,623,597
67,934
1,877,884
11
Inventories
2025
2024
£
£
Raw materials and consumables
183,821
171,803
12
Trade and other receivables
2025
2024
Amounts falling due within one year:
£
£
Trade receivables
526
5,504
Corporation tax recoverable
-
0
38,457
Other receivables
42,855
89,689
Prepayments and accrued income
31,789
28,936
75,170
162,586
BOSWELLS COFFEE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 21 -
13
Current liabilities
2025
2024
£
£
Trade payables
314,807
391,664
Amounts owed to group undertakings
-
0
300,000
Corporation tax
187,133
66,353
Other taxation and social security
679,679
556,365
Other payables
140,902
105,110
Accruals and deferred income
1,654,662
1,562,664
2,977,183
2,982,156
14
Non-current liabilities
2025
2024
Notes
£
£
Other borrowings
15
4
4
Accruals and deferred income
110,417
149,417
110,421
149,421
15
Borrowings
2025
2024
£
£
Preference shares
4
4
Payable after one year
4
4
16
Provisions for liabilities
2025
2024
£
£
Dilapidations provision
1,330,833
1,235,833

A provision of £1,330,833 (202 4: £1,235,833) has been recognised for dilapidations. This provision reflects the company's estimated obligation to restore leased properties to their original condition at the end of the lease term.

BOSWELLS COFFEE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 OCTOBER 2025
16
Provisions for liabilities
(Continued)
- 22 -
Movements on provisions:
Dilapidations provision
£
At 28 October 2024
1,235,833
Additional provisions in the year
95,000
At 26 October 2025
1,330,833
17
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
343,706
333,923
2025
Movements in the period:
£
Liability at 28 October 2024
333,923
Charge to profit or loss
9,783
Liability at 26 October 2025
343,706

The deferred tax liability set out above is expected to reverse within 48 months and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
315,000
270,000

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

BOSWELLS COFFEE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 23 -
19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,000
8,000
8,000
8,000
20
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
1,144,378
1,135,102
Years 2-5
4,801,197
3,279,257
After 5 years
8,577
107,645
5,954,152
4,522,004
21
Ultimate controlling party

The company is controlled by Boswells Group Limited, which is incorporated in England and Wales.

The company's financial statements are consolidated into the parent company's financial statements and are available from the parent's registered office.

No individual shareholder holds a majority of voting rights. Therefore, there is no ultimate controlling party by virtue of shareholdings.

The following are t he parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Boswells Group Limited
Smallest group
Boswells Group Limited
BOSWELLS COFFEE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 26 OCTOBER 2025
- 24 -
22
Cash generated from operations
2025
2024
£
£
Profit after taxation
591,021
429,745
Adjustments for:
Taxation charged
194,694
153,088
Investment income
(140,179)
(185,452)
Depreciation and impairment of property, plant and equipment
506,317
466,703
Increase in provisions
95,000
91,250
Movements in working capital:
Increase in inventories
(12,018)
(10,044)
Increase in trade and other receivables
(31,041)
(7,355)
(Decrease)/increase in trade and other payables
(164,753)
56,824
Cash generated from operations
1,039,041
994,759
23
Analysis of changes in net funds
28 October 2024
Cash flows
26 October 2025
£
£
£
Cash at bank and in hand
3,656,679
744,978
4,401,657
Borrowings excluding overdrafts
(4)
-
(4)
3,656,675
744,978
4,401,653
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