Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 10 years.

The carrying value of the brand is reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Where the carrying value exceeds the recoverable amount, an impairment loss is recognised in the Income Statement.

The company reported strong profitability for the year and the Directors are pleased with the financial performance of the company. The company meets its day-to-day working capital requirements through a combination of rental and licence income, its bank facilities and the continuing support of the wider group. At 31 October 2025 the company had net current liabilities of £721,623 (2024: £662,119). These include £630,713 (2024: £607,803) owed to group undertakings, interest-free and repayable on demand, and cash balances of £684 (2024: £33,275). The company also has bank borrowings of £185,250, secured by a fixed charge over its investment property at 9 Hillview Road, Belfast and by a debenture over the company's assets, together with a cross-company guarantee in favour of the group's bankers.

The company's net current liability position arises principally because long-term investment property (carried at £2,822,134) is financed in part through intra-group and short-term funding. The company generated an operating profit of £53,403 in the year and has net assets of £1,700,585, underpinned by investment property whose value is substantially in excess of the related bank borrowings.

In assessing going concern, the directors have prepared forecasts for a period of at least twelve months from the date of approval of these financial statements. The parent undertaking, GM Marketing (Ireland) Limited, has confirmed that it will not seek repayment of the amounts owed to group undertakings, and will continue to make financial support available, to the extent necessary to enable the company to meet its liabilities as they fall due. Subsequent to the year end the group refinanced its banking facilities (see note 15).

Having regard to the company's net asset position, the value of its property assets, its forecasts and the confirmed support of the parent undertaking, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis

The investment property, at Hillview Road, Belfast, BT14 7BT was valued by Mr Scott Adam MRICS and Mr Jago Bret MRICS of Avison Young registered valuers, 3rd Floor, Rose Building, 16 Howard Street, Belfast, BT1 6PA, as at 12 December 2025. The property was valued at open market value of £2,750,000.

The valuation was carried out on 12 December 2025. The directors, having consulted the valuer, are satisfied that market conditions were materially unchanged between the reporting date and the date of the valuation, and that £2,750,000 represents the fair value of the property at 31 October 2025.

The investment property, at Main Street, Crumlin, BT29 4UU was purchased at a public auction and is valued at cost; equivalent to the open market value of £72,134.

The bank loan is secured by a fixed charge over the company's investment property at 9 Hillview Road, Belfast, and a debenture over the assets of the company, in favour of Close Brothers. A cross-company guarantee is in place in favour of Close Brothers.

The amounts due to group companies are unsecured and repayable on demand. No interest is charged on the balances due to group companies.

Subsequent to the year-end the company and wider group entered into new banking facilities with Barclays Bank PLC, comprising a term loan and an invoice financing facility, which refinance the group's existing borrowing arrangements and provide additional funding for the group. The facilities are secured by fixed and floating charges over the company's assets and by guarantees given within the group.

There have been no other events since the year-end requiring disclosure or adjustment to these financial statements.