BrightAccountsProduction v1.0.0 v1.0.0 2025-02-01 The company was not dormant during the period The company was trading for the entire period The companies principal activities during the year continued to be the retail distribution of clothing, household goods and textiles throughout the United Kingdom and Ireland as well as concessionary arrangements. 3 July 2026 NI057547 2026-01-31 NI057547 2025-01-31 NI057547 2024-01-31 NI057547 2025-02-01 2026-01-31 NI057547 2024-02-01 2025-01-31 NI057547 uk-bus:PrivateLimitedCompanyLtd 2025-02-01 2026-01-31 NI057547 uk-curr:PoundSterling 2025-02-01 2026-01-31 NI057547 uk-bus:FullAccounts 2025-02-01 2026-01-31 NI057547 uk-bus:Director1 2025-02-01 2026-01-31 NI057547 uk-bus:Director2 2025-02-01 2026-01-31 NI057547 uk-bus:Director3 2025-02-01 2026-01-31 NI057547 uk-bus:Director4 2025-02-01 2026-01-31 NI057547 uk-bus:CompanySecretary1 2025-02-01 2026-01-31 NI057547 uk-bus:RegisteredOffice 2025-02-01 2026-01-31 NI057547 uk-bus:Agent1 2025-02-01 2026-01-31 NI057547 uk-bus:Audited 2025-02-01 2026-01-31 NI057547 uk-core:ShareCapital 2026-01-31 NI057547 uk-core:ShareCapital 2025-01-31 NI057547 uk-core:SharePremium 2026-01-31 NI057547 uk-core:SharePremium 2025-01-31 NI057547 uk-core:OtherReservesSubtotal 2026-01-31 NI057547 uk-core:OtherReservesSubtotal 2025-01-31 NI057547 uk-core:RetainedEarningsAccumulatedLosses 2026-01-31 NI057547 uk-core:RetainedEarningsAccumulatedLosses 2025-01-31 NI057547 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2026-01-31 NI057547 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2025-01-31 NI057547 uk-core:OtherMiscellaneousReserve 2025-01-31 NI057547 uk-core:RetainedEarningsAccumulatedLosses 2025-02-01 2026-01-31 NI057547 uk-core:ShareCapital 2025-02-01 2026-01-31 NI057547 uk-core:SharePremium 2025-02-01 2026-01-31 NI057547 uk-core:OtherMiscellaneousReserve 2025-02-01 2026-01-31 NI057547 uk-core:OtherMiscellaneousReserve 2026-01-31 NI057547 uk-bus:FRS102 2025-02-01 2026-01-31 NI057547 uk-core:FurnitureFittingsToolsEquipment 2025-02-01 2026-01-31 NI057547 uk-core:MotorVehicles 2025-02-01 2026-01-31 NI057547 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2025-02-01 2026-01-31 NI057547 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2024-02-01 2025-01-31 NI057547 uk-core:CurrentFinancialInstruments 2026-01-31 NI057547 uk-core:CurrentFinancialInstruments 2025-01-31 NI057547 uk-core:WithinOneYear 2026-01-31 NI057547 uk-core:WithinOneYear 2025-01-31 NI057547 uk-core:WithinOneYear 2026-01-31 NI057547 uk-core:WithinOneYear 2025-01-31 NI057547 uk-core:OtherMiscellaneousReserve 2025-01-31 NI057547 uk-core:OtherMiscellaneousReserve 2025-02-01 2026-01-31 NI057547 uk-core:AcceleratedTaxDepreciationDeferredTax 2026-01-31 NI057547 uk-core:TaxLossesCarry-forwardsDeferredTax 2026-01-31 NI057547 uk-core:OtherDeferredTax 2026-01-31 NI057547 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2026-01-31 NI057547 uk-core:OtherMiscellaneousReserve 2026-01-31 NI057547 uk-bus:OrdinaryShareClass1 2025-02-01 2026-01-31 NI057547 uk-bus:OrdinaryShareClass1 2026-01-31 NI057547 uk-bus:PreferenceShareClass1 2025-02-01 2026-01-31 NI057547 uk-bus:PreferenceShareClass1 2026-01-31 NI057547 uk-core:WithinOneYear 2026-01-31 NI057547 uk-core:WithinOneYear 2025-01-31 NI057547 uk-core:BetweenTwoFiveYears 2026-01-31 NI057547 uk-core:BetweenTwoFiveYears 2025-01-31 NI057547 uk-core:MoreThanFiveYears 2026-01-31 NI057547 uk-core:MoreThanFiveYears 2025-01-31 NI057547 uk-core:AllPeriods 2026-01-31 NI057547 uk-core:AllPeriods 2025-01-31 NI057547 2025-02-01 2026-01-31 xbrli:pure iso4217:GBP xbrli:shares

Company Registration Number: NI057547

Menarys Retail Limited

Reports and Financial Statements

for the financial year ended 31 January 2026

Menarys Retail Limited

DIRECTORS AND OTHER INFORMATION

Directors | Mr Stephen McCammon
| Mr Jonathan Kerrigan
| Mr Philip McCammon
| Mr Peter McCammon
Company Secretary | Ms Tracy Conlan
Company Registration Number | NI057547
Registered Office | London House
| 41 Market Square
| Dungannon
| Tyrone
| BT70 1JN
Business Address | Unit 2 Saltmarine
| Tamnamore Road
| Dungannon
| Tyrone
| BT71 6HW
Independent Auditors | Azets Audit Services Ireland Limited
| 16 Mount Charles
| Belfast
| BT7 1NZ
Bankers | Barclays Bank PLC
| Leicester
| LE87 2BB
Solicitors | DWF (Northern Ireland) LLP
| 42 Queen Street
| BT1 6HL

Menarys Retail Limited

STRATEGIC REPORT

for the financial year ended 31 January 2026

The directors present their strategic report on the company for the financial year ended 31 January 2026.

Review of the Company's Business

The Directors are pleased with the performance of the last financial year. With a full year trading for the 5 stores which opened in 2024/25 and the addition of further new stores in Strabane and Kilkenny in 2025/26, the business has seen both turnover and EBITDA grow in an encouraging manner. The Directors are of a view that this improvement was due to improved product assortment, better sourcing, and more commercial execution. Global events are making the sector increasingly challenging with cost pressures on both businesses and consumers, and hence the Board believe the strategy of ensuring they offer exceptional value remains appropriate. The Board and management team have worked hard to manage the pressures on overheads and believe they have achieved significant savings in several areas which has resulted in better overall financial outcomes. The results show a pre-tax profit of £783,244 (2025: £726,774) on sales of £22,481,293 (2025: £19,142,045).

Principal Risks and Uncertainties

The management of the business and the execution of the companys' strategy are subject to a number of risks. The key business risks and uncertainities affecting the company are considered to relate to competition from both national and international businesses of a similar nature alongside changes in the high street where Menarys Retail Limited trades. The company uses various financial instruments including bank loans, overdrafts and various items such as trade creditors arising from its operations. The main purpose of these financial instruments is to raise finance for the company. The existance of financial instruments expose the company to a number of financial risks that includes price risk, foreign exchange risk, interest rate risk and liquidity risk. Given the size of the company the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors' are implimented by the companys' finance department. Price Risk - The company has exposure to price risk due to the nature of its operations. Given the size of the company the costs of managing exposure to commodity price risk exceeding benefits. The company focuses on customer experience and actively monitors the pricing of fellow retailers to remain competitive. Foreign Exchange Risk - The greater part of revenues are denominated in sterling. The company is exposed to foreign exchange risk in relation to purchases from foreign suppliers. Active daily monitoring of the respective currencies, consultation with and advice from the company's bankers and forward planning mitigates this risk. Credit Risk - There is no significant credit risk as the company operates on a cash sale basis. Interest Rate Risk - The company has both interest bearing assets and liabilities. Interest bearing assets include cash balances and interest bearing liabilities include loans. Active monitoring, planning and consultaton with the company's bankers mitigate this risk. Liquidity Risk - The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense while ensuring the company has sufficient liquid resources to meet the operational needs of the business.

Key Performance Indicators

The Key Performance Indicators during the financial year were as follows:

|  | 2026 | 2025
|  | £ | £
Turnover |  | 22,481,293 | 19,142,045
Movement in Sales |  | 3,339,248 | 4,228,644
Gross profit |  | 9,331,844 | 7,691,596
Gross Profit Margin % |  | 42 | 40
Future Developments

2025/26 will be a year of modest growth for the business with 1 planned opening in the Bloomfield Shopping Centre. The business will focus on consolidating the new openings of the last 2 years and continuing to carefully manage the overall cost base. Cost of living increases, driven by global events will challenge the business to source better. The business will continue to widen the variety of product available to customers and build on the significant customer loyalty already enjoyed by the business. The Board remain focused on growth and the Directors believe the business remains in a strong position to grow further through new openings or acquisition should appropriate opportunities arise.

On behalf of the board

___________________________ |  |  |
Mr Stephen McCammon |  |  |
Director |  |  |
3 July 2026 |  |  |

Menarys Retail Limited

DIRECTORS' REPORT

for the financial year ended 31 January 2026

The directors present their report and the audited financial statements for the financial year ended 31 January 2026.

Principal Activity

The companies principal activities during the year continued to be the retail distribution of clothing, household goods and textiles throughout the United Kingdom and Ireland as well as concessionary arrangements.

Results and Dividends

The profit for the financial year after providing for depreciation and taxation amounted to £587,097 (2025 - £524,569).

The directors have paid a final dividend amounting to £305,592.

Directors

The directors who served during the financial year are as follows:

Mr Stephen McCammon

Mr Jonathan Kerrigan

Mr Philip McCammon

Mr Peter McCammon

Charitable Donations

During the year ended 31st January 2026 the company made charitable donations of £48,380 to local charities, Menarys Retail Limited aim to continue supporting the local community where it can with projects and events run within its local area.

Company Policy on employing disabled people

The company gives full consideration to applications for employment from disabled persons where the candidate's particular abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. Where existing employees become disabled it is the company's policy to provide continuing employment where practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

Company Policy on employee information/consultation/involvement

Employees are kept as fully informed as practicable about developments within the business. It is the policy of the company to offer opportunities to all employees having regard to their aptitudes and abilities in relation to jobs available.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 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.

Disclosure of Information to Auditor Each persons who are directors at the date of approval of this report confirms that: In so far as the directors are aware: -there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and -the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Auditors

The auditors, Azets Audit Services Ireland Limited have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

Disclosures Required Under Schedule 7

Under section 414 of Companies Act 2016 all matters not disclosed in the Directors' Report have been included in the Strategic Report.

On behalf of the board

___________________________

Mr Stephen McCammon

Director

3 July 2026

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Menarys Retail Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Menarys Retail Limited ('the company') for the financial year ended 31 January 2026 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements: -give a true and fair view of the state of the company's affairs as at 31 January 2026 and of its profit for the financial year then ended; -have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and -have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 the date 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.

Opinion on other matters prescribed by the Companies Act 2006

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

- | the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- | the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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
- | 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 for the financial statements

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 they 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 has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.

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.

__________________________________

Mr Robert Barr (Senior Statutory Auditor)

for and on behalf of

AZETS AUDIT SERVICES IRELAND LIMITED

Statutory Auditor

16 Mount Charles

Belfast

BT7 1NZ

3 July 2026

Menarys Retail Limited

APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Menarys Retail Limited

INCOME STATEMENT

for the financial year ended 31 January 2026

|  | 2026 |  | 2025
| Notes | £ |  | £

Turnover | 4 | 22,481,293 |  | 19,142,045
Cost of sales |  | (13,149,449) |  | (11,450,449)
|  | ───────── |  | ─────────
Gross profit |  | 9,331,844 |  | 7,691,596
Distribution costs |  | (3,641,128) |  | (2,920,117)
Administrative expenses |  | (5,088,214) |  | (4,234,376)
Other operating income |  | 147,271 |  | 135,450
|  | ───────── |  | ─────────
Operating profit | 5 | 749,773 |  | 672,553
Interest receivable and similar income | 6 | 33,471 |  | 54,221
|  | ───────── |  | ─────────
Profit before taxation |  | 783,244 |  | 726,774
Tax on profit | 8 | (196,147) |  | (202,205)
|  | ───────── |  | ─────────
Profit for the financial year |  | 587,097 |  | 524,569
|  | ───────── |  | ─────────
Total comprehensive income |  | 587,097 |  | 524,569
|  | ═════════ |  | ═════════

Menarys Retail Limited

Company Registration Number: NI057547

STATEMENT OF FINANCIAL POSITION

as at 31 January 2026

|  |  | 2026 |  | 2025
|  | Notes | £ |  | £
Non-Current Assets

Property, plant and equipment |  | 10 | 1,455,384 |  | 1,324,323
|  |  | ───────── |  | ─────────
Current Assets

Stocks |  | 11 | 2,681,404 |  | 2,593,274
Debtors |  | 12 | 798,577 |  | 889,733
Cash and cash equivalents |  | 13 | 2,512,093 |  | 3,181,005
|  |  | ───────── |  | ─────────
|  |  | 5,992,074 |  | 6,664,012
|  |  | ───────── |  | ─────────
Creditors: amounts falling due within one year |  | 14 | (3,721,136) |  | (4,597,307)
|  |  | ───────── |  | ─────────
Net Current Assets |  |  | 2,270,938 |  | 2,066,705
|  |  | ───────── |  | ─────────
Total Assets less Current Liabilities |  |  | 3,726,322 |  | 3,391,028
Provisions for liabilities |  | 16 | (228,833) |  | (195,940)
Government grants |  | 18 | (8,404) |  | (2,127)
|  |  | ───────── |  | ─────────
Net Assets |  |  | 3,489,085 |  | 3,192,961
|  |  | ═════════ |  | ═════════
Capital and Reserves

Called up share capital |  | 19 | 118,710 |  | 118,710
Share premium account |  | 20 | 569,892 |  | 569,892
Other reserves including the fair value reserve |  | 20 | 29,238 |  | 14,619
Retained earnings |  |  | 2,771,245 |  | 2,489,740
|  |  | ───────── |  | ─────────
Equity attributable to owners of the company |  |  | 3,489,085 |  | 3,192,961
|  |  | ═════════ |  | ═════════
Approved by the Board and authorised for issue on 3 July 2026 and signed on its behalf by

________________________________ |  |  |  |  |
Mr Stephen McCammon |  |  |  |  |
Director |  |  |  |  |

Menarys Retail Limited

STATEMENT OF CHANGES IN EQUITY

as at 31 January 2026

| Called up | Share | Retained | Share Option Reserve | Capital | Total
| share | premium | earnings |  | contribution |
| capital | account |  |  | reserve |
| £ | £ | £ | £ | £ | £
At 1 February 2024 | 118,710 | 569,892 | 2,250,763 | - | 6,024 | 2,945,389
| ───────── | ───────── | ───────── | ───────── | ───────── | ─────────
Profit for the financial year | - | - | 524,569 | - | - | 524,569
| ───────── | ───────── | ───────── | ───────── | ───────── | ─────────
Payment of dividends | - | - | (285,592) | - | - | (285,592)
Capital contribution received | - | - | - | - | (6,024) | (6,024)
Other movements in equity

attributable to owners | - | - | - | 14,619 | - | 14,619
| ───────── | ───────── | ───────── | ───────── | ───────── | ─────────
At 31 January 2025 | 118,710 | 569,892 | 2,489,740 | 14,619 | - | 3,192,961
| ───────── | ───────── | ───────── | ───────── | ───────── | ─────────
Profit for the financial year | - | - | 587,097 | - | - | 587,097
| ───────── | ───────── | ───────── | ───────── | ───────── | ─────────
Payment of dividends | - | - | (305,592) | - | - | (305,592)
Other movements in equity

attributable to owners | - | - | - | 14,619 | - | 14,619
| ───────── | ───────── | ───────── | ───────── | ───────── | ─────────
At 31 January 2026 | 118,710 | 569,892 | 2,771,245 | 29,238 | - | 3,489,085
| ═════════ | ═════════ | ═════════ | ═════════ | ═════════ | ═════════

Menarys Retail Limited

STATEMENT OF CASH FLOWS

for the financial year ended 31 January 2026

|  | 2026 | 2025
| Notes | £ | £

Cash flows from operating activities

Profit for the financial year |  | 587,097 | 524,569
Adjustments for:

Interest receivable and similar income |  | (33,471) | (54,221)
Tax on profit on ordinary activities |  | 196,147 | 202,205
Depreciation |  | 305,042 | 277,877
Amortisation of government grants |  | (1,963) | (1,683)
|  | ───────── | ─────────
|  | 1,052,852 | 948,747
Movements in working capital:

Movement in stocks |  | (88,130) | (778,867)
Movement in debtors |  | 91,156 | (309,819)
Movement in creditors |  | (902,875) | 1,312,389
|  | ───────── | ─────────
Cash generated from operations |  | 153,003 | 1,172,450
Tax paid |  | (132,873) | (150,701)
|  | ───────── | ─────────
Net cash generated from operating activities |  | 20,130 | 1,021,749
|  | ───────── | ─────────
Cash flows from investing activities

Interest received |  | 33,471 | 54,221
Payments to acquire property, plant and equipment |  | (436,103) | (481,956)
|  | ───────── | ─────────
Net cash used in investment activities |  | (402,632) | (427,735)
|  | ───────── | ─────────
Cash flows from financing activities

New long term loan |  | - | (69,084)
Capital contribution received |  | 14,619 | 8,595
Government grants |  | 8,240 | -
Dividends paid |  | (305,592) | (285,592)
|  | ───────── | ─────────
Net cash used in financing activities |  | (282,733) | (346,081)
|  | ───────── | ─────────
Net (decrease)/increase in cash and cash equivalents |  | (665,235) | 247,933
Cash and cash equivalents at beginning of financial year |  | 3,177,328 | 2,929,395
|  | ───────── | ─────────
Cash and cash equivalents at end of financial year | 13 | 2,512,093 | 3,177,328
|  | ═════════ | ═════════

Menarys Retail Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 January 2026

1. | General Information
| Menarys Retail Limited is a private company limited by shares incorporated in Northern Ireland. London House, 41 Market Square, Dungannon, Tyrone, BT70 1JN is the registered office. The principal place of business of the company is Menarys Retail Limited, Unit 2 Saltmarine, Tamnamore Road, Dungannon, Tyrone, BT71 6HW. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The company registration number is NI057547. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

2. | Summary of Significant Accounting Policies
| The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
| Statement of compliance
| The financial statements of the company for the year ended 31 January 2026 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
| Basis of preparation
| The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The going concern basis assumes that the company will continue in operational existence for the foreseeable future, having adequate funds to meet its obligations as they fall due.
| Turnover
| Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. Revenue is recognised upon customer receipt.
| Key-employee share option scheme
| The company operates an equity settled Enterprise Management Incentive (EMI) share option scheme. Under the terms of the scheme, selected employees are granted options to acquire ordinary shares in the company at a fixed exercise price provided certain conditions are met. A charge of £14,619 has been recognised in the profit and loss account relating to the share option scheme during the year (2025: £14,619).
| Property, plant and equipment and depreciation
| Property, plant and equipment are stated at cost, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
|  | Fixtures, fittings and equipment | - | 12.5% per annum Straight Line
|  | Motor vehicles | - | 25% per annum Reducing Balance
| The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
| Leasing
| Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.
| Stocks
| Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
| Trade and other debtors
| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
| Borrowing costs
| Borrowing costs are recognised in profit or loss in the period in which they are incurred.
| Provisions
| Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
| Trade and other creditors
| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
| Employee benefits
| 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.
| Taxation and deferred taxation
| Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| Government grants
| Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.
| Foreign currencies
| Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
| Share capital of the company
| Ordinary share capital
| The ordinary share capital of the company is presented as equity.
| Preference share capital
| The dividend rights of the preference shares are non-cumulative and payment is at the discretion of the company. The preference shares carry voting rights at meetings. Based on their characteristics the preference shares are considered to be presented as equity and not liabilities. There is no option to redeem the preference shares.

3. | Significant accounting judgements and key sources of estimation uncertainty
| The preparation of the financial statements requires management to make judgements, estimates and assumptions about the carrying amount of assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the period. Actual results may differ from these estimates. No judgements were identified that would have a material impact on the companys' financial Statements. The following are the companys' key source of estimation uncertainity: Stock Stocks consist of finished goods and a provision is made for slow moving, obsolote and damaged stock. Management estimation is required to determine the sale value of aged and past season stock items and is dependent on their understanding of the market, customer willingness to purchase past season stock and current market trends. Management use their extensive experience in the clothing sector, together with their understanding of customer needs to determine what value should be placed on aged, obsolete and damaged stock items. The estimations 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 affects both current and future periods.

4. | Turnover
| The turnover for the financial year is analysed as follows:
|  | 2026 | 2025
|  | £ | £
| United Kingdom | 19,459,581 | 16,448,588
| Republic of Ireland | 3,021,712 | 2,693,457
|  | ───────── | ─────────
|  | 22,481,293 | 19,142,045
|  | ═════════ | ═════════
| All turnover presented in the accounts is driven from the principal activity of the company. This is the retail distribution of clothing, household goods and textiles throughout the United Kingdom and Ireland as well as concessionary arrangements.
| Turnover attributable to geographical markets outside the United Kingdom amounted to 13% for the financial year.

5. | Operating profit | 2026 | 2025
|  | £ | £
| Operating profit is stated after charging/(crediting):
| Depreciation of property, plant and equipment | 305,042 | 277,877
| Loss/(profit) on foreign currencies | 22,726 | (9,608)
| Operating lease rentals
| - Plant and machinery | 1,010 | -
| - Land and buildings | 1,341,265 | 1,049,377
| Auditor's remuneration
| - audit services | 15,500 | 15,500
| Amortisation of Government grants | (1,963) | (1,683)
|  | ═════════ | ═════════

6. | Interest receivable and similar income | 2026 | 2025
|  | £ | £
| Bank interest | 33,471 | 54,221
|  | ═════════ | ═════════

7. | Employees and remuneration
| Number of employees
| The average number of persons employed (including executive directors) during the financial year was as follows:
|  | 2026 | 2025
|  | Number | Number
| Administration | 34 | 30
| Sales | 234 | 197
|  | ───────── | ─────────
|  | 268 | 227
|  | ═════════ | ═════════
| The staff costs (inclusive of directors' salaries) comprise: | 2026 | 2025
|  | £ | £
| Wages and salaries | 3,989,962 | 3,316,170
| Social security costs | 331,777 | 221,288
| Pension costs | 586,997 | 49,411
|  | ───────── | ─────────
|  | 4,908,736 | 3,586,869
|  | ═════════ | ═════════

8. | Tax on profit
|  | 2026 | 2025
|  | £ | £
| (a) Analysis of charge in the financial year
| Current tax:
| Corporation tax at 25.00% (2025 - 25.00%) (Note 8 (b)) | 163,254 | 132,873
|  | ───────── | ─────────
| Deferred tax:
| Origination and reversal of timing differences | 32,893 | 69,332
|  | ───────── | ─────────
| Total deferred tax | 32,893 | 69,332
|  | ═════════ | ═════════
| Tax on profit (Note 8 (b)) | 196,147 | 202,205
|  | ═════════ | ═════════
| (b) Factors affecting tax charge for the financial year
| The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2025 - 25.00%). The differences are explained below:
|  | 2026 | 2025
|  | £ | £
| Profit taxable at 25.00% | 783,244 | 726,774
|  | ═════════ | ═════════
| Profit before tax
| multiplied by the standard rate of corporation tax
| in the United Kingdom at 25.00% (2025 - 25.00%) | 195,811 | 181,694
| Effects of:
| Expenses not deductible for tax purposes | 76,980 | 11,653
| Capital allowances for period in excess of depreciation | (109,537) | (60,474)
| Deferred tax | 32,893 | 69,332
|  | ───────── | ─────────
| Total tax charge for the financial year (Note 8 (a)) | 196,147 | 202,205
|  | ═════════ | ═════════

9. | Dividends | 2026 | 2025
|  | £ | £
| Dividends on equity shares:
| Ordinary shares - Final paid | 305,592 | 285,592
|  | ═════════ | ═════════

10. | Property, plant and equipment
|  | Fixtures, | Motor | Total
|  | fittings and | vehicles |
|  | equipment |  |
|  | £ | £ | £
| Cost
| At 1 February 2025 | 11,702,239 | 67,593 | 11,769,832
| Additions | 436,103 | - | 436,103
| Disposals | (47,980) | - | (47,980)
|  | ───────── | ───────── | ─────────
| At 31 January 2026 | 12,090,362 | 67,593 | 12,157,955
|  | ───────── | ───────── | ─────────
| Depreciation
| At 1 February 2025 | 10,403,565 | 41,944 | 10,445,509
| Charge for the financial year | 297,169 | 7,873 | 305,042
| On disposals | (47,980) | - | (47,980)
|  | ───────── | ───────── | ─────────
| At 31 January 2026 | 10,652,754 | 49,817 | 10,702,571
|  | ───────── | ───────── | ─────────
| Net book value
| At 31 January 2026 | 1,437,608 | 17,776 | 1,455,384
|  | ═════════ | ═════════ | ═════════
| At 31 January 2025 | 1,298,674 | 25,649 | 1,324,323
|  | ═════════ | ═════════ | ═════════

11. | Stocks | 2026 | 2025
|  | £ | £
| Finished goods and goods for resale | 2,681,404 | 2,593,274
|  | ═════════ | ═════════

12. | Debtors | 2026 | 2025
|  | £ | £
| Other debtors | 19,148 | 30,406
| Prepayments and accrued income | 779,429 | 859,327
|  | ───────── | ─────────
|  | 798,577 | 889,733
|  | ═════════ | ═════════

13. | Cash and cash equivalents | 2026 | 2025
|  | £ | £
| Cash and bank balances | 2,512,093 | 3,181,005
| Bank overdrafts | - | (3,677)
|  | ───────── | ─────────
|  | 2,512,093 | 3,177,328
|  | ═════════ | ═════════

14. | Creditors | 2026 | 2025
| Amounts falling due within one year | £ | £
| Bank overdrafts | - | 3,677
| Trade creditors | 2,142,953 | 3,142,866
| Taxation (Note 15) | 1,192,668 | 1,021,488
| Directors' current accounts (Note 22) | 10,108 | 70,108
| Other creditors | 190,765 | 176,285
| Accruals | 184,642 | 182,883
|  | ───────── | ─────────
|  | 3,721,136 | 4,597,307
|  | ═════════ | ═════════

15. | Taxation | 2026 | 2025
|  | £ | £
| Creditors:
| VAT | 948,058 | 756,887
| Corporation tax | 163,254 | 132,873
| PAYE / NI | 81,356 | 131,728
|  | ───────── | ─────────
|  | 1,192,668 | 1,021,488
|  | ═════════ | ═════════

16. | Provisions for liabilities
| The amounts provided for deferred taxation are analysed below:
|  | Capital | Total | Total
|  | allowances |  |
|  |  | 2026 | 2025
|  | £ | £ | £
| At financial year start | 195,940 | 195,940 | 126,608
| Charged to profit and loss | 32,893 | 32,893 | 69,332
|  | ───────── | ───────── | ─────────
| At financial year end | 228,833 | 228,833 | 195,940
|  | ═════════ | ═════════ | ═════════

17. | Pension costs - defined contribution
| 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. Pension costs amounted to £586,997 (2025 - £49,411).

18. | Government Grants Deferred | 2026 | 2025
|  | £ | £
| At 1 February 2025 | 29,364 | 29,364
| Increase in financial year | 8,240 | -
|  | ───────── | ─────────
| At 31 January 2026 | 37,604 | 29,364
|  | ───────── | ─────────
| Amortisation
| At 1 February 2025 | (27,237) | (25,554)
| Amortised in financial year | (1,963) | (1,683)
|  | ───────── | ─────────
| At 31 January 2026 | (29,200) | (27,237)
|  | ───────── | ─────────
| Net book value
| At 31 January 2026 | 8,404 | 2,127
|  | ═════════ | ═════════
| At 1 February 2025 | 2,127 | 3,810
|  | ═════════ | ═════════

19. | Share capital |  |  | 2026 | 2025
|  |  |  | £ | £
| Description | Number of shares | Value of units |  |
| Allotted, called up and fully paid
| Ordinary shares | 13,710 | £1.00 each | 13,710 | 13,710
| 5.25% Cummulative Preference Shares | 105,000 | £1.00 each | 105,000 | 105,000
|  |  |  | ───────── | ─────────
|  |  |  | 118,710 | 118,710
|  |  |  | ═════════ | ═════════
| The dates on which the company can redeem the preference shares are at the option of the company, there is no premium payable on redemption. The preference shares do not entitle their holders to any rights to receive notice of, to be present, speak or vote, either in person or by proxy, at any general meeting of the company. On a winding up of the company the preference shareholders have the right to receive, in priority to any payments to ordinary shareholders, the amounts paid up on the preference shares.

20. | Reserves
| Share Premium Reserve
| The amount carried forward is the premium that arose from the issue of shares in 2016.

21. | Financial commitments
| Total future minimum lease payments under non-cancellable operating leases are as follows:
|  | Land and Buildings
|  | 2026 | 2025
|  | £ | £
| Due:
| Within one year | 356,470 | 345,925
| Between one and five years | 694,617 | 631,638
| In over five years | 363,500 | 348,500
|  | ───────── | ─────────
|  | 1,414,587 | 1,326,063
|  | ═════════ | ═════════

22. | Directors' remuneration and transactions | 2026 | 2025
|  | £ | £
| Remuneration | 176,699 | 172,146
| Pension contributions | 499,290 | 1,321
|  | ───────── | ─────────
|  | 675,989 | 173,467
|  | ═════════ | ═════════
| During the year retirement benefits were accruing to 4 (2025:1) directors in respect of defined contribution pension schemes.

| The following amounts are repayable to the directors:
|  |  |  | 2026 | 2025
|  |  |  | £ | £
| Mr Peter McCammon |  |  | 10,108 | 70,108
|  |  |  | ═════════ | ═════════

23. | Related party transactions
| During the year Menarys' Retail Limited had no related party transactions other than the Director's balances separately disclosed.

24. | Events After the End of the Reporting Period
| There have been no significant events affecting the company since the financial year-end.

25. | Key Management Personnel
| All directors are considered to be key management personnel.