Registered number: 00052411
Registered number: 00052411 Fenwick,LimitedAnnual Report and Financial StatementsFor the period ended 30 January 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited
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Fenwick Limited Company information Directors
H M Fenwick Company secretaryJ Anders Registered number00052411 Registered officeElswick Court 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Group strategic report For the period ended 30 January 2026 The Directors present their Strategic Report for the Group for the 52 weeks ended 30 January 2026. The prior period was 53 weeks ended 31 January 2025. Strategic Review This strategic review highlights both the progress and the challenges that the business has faced over the last 52 weeks. Fenwick offers customers in store and online a well curated, enticing product range across fashion, beauty and lifestyle and in its stores provides an engaging retail environment and renowned hospitality in its popular restaurants. Throughout the period the Board and Executive team continued to build on Fenwick’s long-standing history, refining and evolving Fenwick’s position as the largest regional premium department store group in the UK. The Group focussed on increasing the efficiency of its retail operating platform and supply chain, controlling costs and ensuring high levels of customer service and satisfaction. Effort has been applied to increasing the visibility to existing and new customers of its premium, multi brand, multi category proposition across the UK.The Group comprises its online business, Fenwick.co.uk, and eight regional department stores: Newcastle, Kingston, Brent Cross, Colchester, Canterbury, Tunbridge Wells, Bracknell and York. Market Environment The British retail sector continues to remain challenging. The outlook also continues to remain difficult with the global backdrop of Tariffs and potential trade wars. The Ukrainian war and the war in the Middle East are adding to market uncertainty and customer confidence. The inflationary effect of Middle East war will weigh heavy on markets. Mortgage rates continued to remain high, with inflationary pressure on the horizon markets are now forecasting the bank base rate to remain at current levels for 2026. Business Review The Group's Key Performance Indicators (“KPI’s”) are as follows:
* 2025 Gross sales inclusive of VAT has been restated to 52 weeks for like for like comparison. Profit and Loss The business reduced its operating loss by £15.7m. 2025 sales figures were for a 53-week period, on a like for like basis (52 weeks) sales grew in 2026 by +2.5%. Despite heavy promotional activity throughout the period in beauty and generally on the UK high street in the final quarter over the Christmas run in, the business saw a slight improvement in Gross Margin. 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Group strategic report For the period ended 30 January 2026 Profit and Loss (continued) Costs were controlled via efficiencies in business systems and reduced, despite increases in the National Minimum Wage and National Insurance. With improvements in Gross Profit together with reductions in operating costs via efficiencies in business processes and technology the business achieved a considerable reduction in its operating loss. This is reflected in a reduction of operating loss of £39.1m in 2025 to £23.4m or 40% on 2026. The business continues its three-year recovery to profitability. No Ordinary dividends have been declared. Balance sheet The cash balance decreased from £84.9m to £63.4m as the business financed without the need for third party debt. Over the period the pension surplus in the accounts has fallen from £23.8m to £9.1m, this is because the Scheme secured a portion of the Scheme liabilities with a buy-in contract over the period. When the scheme secured all of the remaining non-insured liabilities the premium paid would have been c. 3% higher than the value placed on the liabilities on a funding basis, i.e. a surplus of £9.1m. The administrative costs of finalising the securing of all the benefits will be met from the scheme so the expected returned surplus (before tax) is c £3m. It is important to note that this does not indicate a deterioration in the financial position of the Scheme, instead it reflects the cost of securing greater certainty and reducing the risks associated with the pension scheme. Stocks reduced by £1.2m to £40.2m as the business managed stock turnover. Board and management 2025 marked the first full period under the leadership changes initiated in 2024. Sian Westerman has now fully established herself as Chair, providing continuity, stability, and clear governance oversight. Mia Fenwick, in her role as Executive Deputy Chair, has continued to drive the strategic transformation of the business, successfully implementing and delivering the first year of the three‑year strategy. The Executive Team reorganisation, introduced alongside the transition to the new online platform, has now fully bedded in. The structure continues to strengthen cross‑functional collaboration and operational alignment across the Group:
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Fenwick Limited Group strategic report For the period ended 30 January 2026 Board and management (continued)
Engagement with shareholders remained consistent throughout the period, with regular communication ensuring transparency and alignment on strategic priorities. Future developments and outlook Fenwick has completed the first year of its three‑year strategy, built around five core pillars designed to return the business to sustainable profitability:
These pillars shaped commercial goals across every area of the business, with a focus on maximising sales and margin growth while embedding cost discipline in both operations and stock management. Savings were delivered across all major cost lines. Stores remain the core driver of the business, and the Group expects physical retail to remain the dominant contributor to sales through 2026, even as online growth accelerates. The growth strategy in Newcastle was a major focus during the period, with returns now being realised on the capital investment. A redefined product strategy and a renewed focus on the local market contributed to improved performance. This approach remains central to the plans for the Group’s other two large stores, Kingston and Brent Cross, where targeted project investment, product enhancement, and the use of data to improve team productivity and sales densities will continue. Selective store investment will be prioritised, focusing on projects with clear commercial outcomes and opportunities to strengthen Fenwick’s presence in key markets. Fenwick’s strategy places continued emphasis on strengthening the proposition in every store, with a clear focus on understanding local customer needs and deepening engagement within the communities each store serves. This approach recognises that performance is driven not only by product and service quality but also by the relevance of the offer to each local market. A hyper‑local marketing strategy remains essential, ensuring that awareness, footfall, and repeat visits are supported by activity tailored to the specific behaviours, preferences, and expectations of customers in each area. 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Group strategic report For the period ended 30 January 2026 Future developments and outlook (continued) This focus on local insight and community connection is a critical component of the wider plan to build loyalty, improve sales densities, and reinforce Fenwick’s position as a trusted and valued retailer in its key regions. S172 (1) Statement The Directors are mindful of their duties under Section 172(1) of the Companies Act 2006 to promote the success of the Company for the benefit of its shareholders as a whole, while having regard to the interests of employees, customers, suppliers, and other stakeholders, as well as the long‑term sustainability of the business. The following outlines how these duties were considered during the period. Shareholder Engagement Throughout the period, the Board has held regular meetings with shareholders giving them the opportunity to ask questions and represent their views to the Board. Colleague Engagement We remain focussed on colleague engagement. We run an annual engagement survey with WorkL who power the Sunday Times 100 Best Companies award. We continue to use Viva Engage as our internal communications platform for business updates and announcements and are rolling out access to Viva Engage to all colleagues to enable us to speak to everyone on one platform. The local pages, particularly at store level, are well utilised for updates and celebrations within specific teams. There has been cross-functional collaboration on the Fenwick business strategy and FY26 goals. Our twice-yearly Fenwick Presents sessions bring together the senior leadership team to align on delivery of the goals across the business and foster cross functional collaboration. Our Manager Academy saw continued success in 2025. Currently aimed at Team Leaders, we are also developing modules for Sales Managers and Deputy Store Managers ("DSMs"). Our Fenwick Impressions programme continues to drive performance improvement and alignment in our store teams. We also ran our first Leadership Academy for our senior leadership team in 2025, offering personal and collective development opportunities. The Fenwick values are embedded as part of the colleague journey from recruitment through to performance review, with recognition for colleagues who demonstrate the values. We celebrate long service through our annual long service awards which recognise and reward those who have achieved the milestone of 21 years’ service. Our drive for continuous improvement in all people-related processes continues. 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Group strategic report For the period ended 30 January 2026 Equality and diversity We remain committed to encouraging equality, diversity and inclusivity among our workforce and eliminating any form of discrimination. The aim is for each colleague to feel that they belong at Fenwick and can give their best. We support this through mandatory Respect & Work Together training, as part of which we have introduced a new neurodiversity module this period. We are further committed to preventing unlawful discrimination of customers or the public in providing goods and/or services and/or facilities. The Equity and Diversity policy is fully supported by the Board. Fenwick commits to:
In respect of disabled persons, Fenwick adheres to inclusive practices throughout the colleague journey. We welcome applications from disabled persons, make reasonable adjustments throughout the recruitment process and whist in employment, as well as ensuring equality and opportunity for all in relation to training and development. We are an inclusive employer and look to offer access to employment where possible irrespective of physical or mental disability. For colleagues who become disabled during the course of their employment, we have a generous company sick pay scheme and an employee assistance programme, We Care, which is open to all colleagues. In addition, for those with a long term impairment, we support with reasonable adjustments or redeployment if applicable. Whilst we do not offer an employee share scheme, we look to incentivise performance through local, targeted sales initiatives designed to drive performance in key areas. We share regular updates with all colleagues on business performance through posts on Viva Engage, our internal communication platform. In addition, the stores hold colleague briefings to share information on sales performance and key initiatives. 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Group strategic report For the period ended 30 January 2026 Customers 2025 was a pivotal year for Fenwick’s customer strategy. The migration of the Fenwick website to the Shopify platform created, for the first time in the Company’s history, a single customer view across both physical stores and online channels. This enabled the business to begin building a unified CRM database through the Klaviyo platform, strengthening the foundations for personalised communication and improved customer experience. The introduction of advanced data tools, including Snowflake, allowed the creation of new reporting capabilities, giving teams across the business access to richer insights into customer behaviour. These insights supported more informed commercial decision‑making and improved trading performance. The launch of the new Loyalty Programme in September, powered by the Yotpo platform, further enhanced customer engagement. The programme has enabled the business to grow its customer database, improve segmentation, and deliver more targeted marketing and communication, supporting both acquisition and retention. Suppliers Fenwick continues to rely on a broad and diverse network of suppliers across product, operations, and services. The business maintains strong, collaborative relationships through regular engagement, joint planning, and shared commercial objectives. Ethical and sustainable practices remain a core expectation, and supplier performance is monitored to ensure alignment with Fenwick’s values, quality standards, and compliance requirements. The Board recognises the importance of these partnerships in delivering long‑term value for customers and shareholders. Sustainability We believe that all organisations need to contribute to tackling climate change and other major environmental and social issues. In line with this, we have developed a long-term sustainability strategy encompassing three core pillars that resonate with our customers and colleagues and their values, align with policy and legislation, and help address core areas of impact that we have as a business.
Our efforts towards these commitments include a range of actions, including investigation of initiatives and partnerships aligned with these core areas, such as the widespread adoption of LED lighting and our collaboration with Thrift+ to promote clothing longevity among our customers and colleagues. 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Group strategic report For the period ended 30 January 2026 Principal and Financial risks and uncertainties The Group’s risk management strategy assesses the risk profile of the business. It seeks to address this as appropriate, balancing a commercial and competitive position whilst protecting the long-term interests of the business, the colleagues and the brand reputation. Economic Risk The Group is aware that the war in Iran has impacted regional security affecting the neighbouring Gulf countries, increased oil and gas prices, affected shipping routes across the Gulf including the Strait of Hormuz and the Suez Canal/Bab-el-Mandeb corridor and with the continued conflict in the Ukraine has an impact on the wider UK economy including driving higher energy and fuel prices, inflation, rising transportation and logistics costs and economic uncertainty all affecting consumer confidence and retail spending. The Group endeavours to mitigate this risk through continued investment in its retail locations and online business, providing strength of service, in-store experiences, ongoing range and category reviews, to enable the Fenwick brand to be a strong competitor in this wider market, as well as the local communities that it serves. Competition The Group faces significant and growing competition from online retailers and aims to differentiate itself with a high level of service instore and the availability of products online. With a new CRM platform to grow the customer database through improved email automation, personalisation, segmentation and targeting and a relaunched website leading to improvements to the website experience for customers. The Group launched a new loyalty scheme ‘MyFenwick Loyalty’ in September, a rewards system designed to enhance the customer experience with members earning points through purchases. The scheme has three tiers (Green, Silver, and Gold) offering different rewards and benefits based on tier level including access to members only events, priority booking for events and points redeemed for discounts on future purchases. The Group continued its ‘Fenwick Impressions’ and Manager Academy modules in the physical stores, to support loyalty programme, productivity targets and enhanced customer service. Financial Risk The Group’s principal risk is its ability to generate and have access to sufficient funds to support the business, remunerate colleagues, invest in future commercial requirements and to fund the obligations associated with the Group’s pension schemes. This risk is mitigated by a conservatively structured balance sheet. Cash flow Risks Cash flow and liquidity risk is the risk that the Group’s available cash will not be sufficient to meet its financial obligations. The group actively manages its cash flow position including collection of debts and timely payment of creditors. This, coupled with the strong cash position of the group is deemed sufficient to minimise the group’s exposure to cash flow and liquidity risk. 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Group strategic report For the period ended 30 January 2026 Credit Risks The Group has limited exposure to credit risk due to the nature of the business. Any sales for which credit is required is managed via a third-party provider. IT and Systems Risks In common with other businesses, the Group is subject to frequent malware attacks that carry the risk of compromising the Group’s IT systems. With the growth of the online business, the need to continually review the security of the systems and the control of customer payments and customer data becomes an ever-increasing risk. In response to the ever-evolving landscape especially with the advent of hybrid working models, access to our systems is tightly controlled. To mitigate the risk of malware attacks from remote working and colleagues accessing the Group’s servers from unsecured networks access is locked down to VPN connectivity for on premises systems, and geo-fencing for cloud-based systems. To maintain system robustness, they are subject to monthly updates installed thirty days post vendor release to allow for test cycles. Additionally, critical systems are penetration tested annually, and independent reviews conducted quarterly by a strategic partner to identify and report on risks, which are managed via the corporate risk register. Furthermore, the Group has invested significantly in its IT estate over the last three years in an accelerated transformation program to move towards cloud technologies, with over 97% of traffic being off premises, and strategic supplier identification for services such as backups, restore, disaster recovery, intrusion detection, anti-virus, and all network security. Insurance Risks The Group takes out comprehensive insurance cover to guard against unforeseen or unexpected losses although certain losses such as pandemics and war, etc are not covered by such insurance. This, together with an active programme of risk management, provides protection for our asset base, our colleagues, and our customers. Liquidity Risks The Group pays its suppliers in accordance with payment terms. This report was approved by order of the board by the secretary of the company on 24 April 2026 and signed on its behalf:
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Fenwick Limited Directors' report For the period ended 30 January 2026 The Directors present their report and the audited consolidated financial statements for the period ended 30 January 2026. The Directors who served during the period: H M Fenwick M R Fenwick B D Sheehy S E Westerman Principal Activities The operation of department stores continues to be the most significant activity of the Group, with a distinct proposition tailored to each of our local markets, together with a sizeable property investment portfolio. Matters dealt within the Strategic Report Results for the period, future developments and financial risk management are dealt with in the Strategic Report. Charitable donations Charitable donations in the period amounted to £84k (2025: £85k) in support of causes in the regions in which we trade. There were no political contributions. Dividends No ordinary dividends were declared or paid in the period. Preference share dividends amounting to £3,012k (2025: £3,012k) were paid at the contractual coupon rate. Directors' Liabilities The Group has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions will remain in force at the reporting date. Going Concern The financial statements have been prepared on a going concern basis. The Group's forecasts and projections for the next twelve months show that the group should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance. Based on the above factors the directors believe the group has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore the directors believe it remains appropriate to prepare the financial statement on a going concern basis. The Group is funded through cash. This is further detailed in Note 2.c . 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Directors' report For the period ended 30 January 2026 Liability Limitation Cap The directors have agreed with the group’s auditors that the auditors liability to damages for breach of duty in relation to the audit of the group’s financial statements for the period to 30 January 2026 should be limited to the greater of £5,000,000 or 5 times the auditors fees, and that in any event the auditors liability for damages should be limited to that part of any loss suffered by the group as it just and equitable having regard to the extent to which the auditors, the group and any third parties are responsible for the loss in question. The shareholders approved this limited liability agreement, as required by the Companies Act 2006, by a resolution dated 21 May 2025. Greenhouse gas emissions, energy consumption and energy efficiency action The following Streamlined Energy and Carbon Report (SECR) provides environmental impact information in accordance with the Companies Act 2006 (Strategic Report and Directors’ Report), Regulations 2013 and the Companies (Directors’ Report) and Limited Partnerships (Energy and Carbon Report) Regulations 2018 (‘SI 2018/1155’). The Group's greenhouse gas emissions and energy consumption are as follows:
The Group generated £24k (2025: £23k) of turnover for every tonne of GHG emitted. The information disclosed has been produced from data supplied by our energy providers and fuel purchases throughout the period. Government guided emissions have been used to calculate the Group's GHG and intensity ratio. 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Directors' report For the period ended 30 January 2026 Disclosure of information to auditors Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
Independent Auditors This report was approved by order of the board by the secretary of the company on 24 April 2026 and signed on its behalf:
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Fenwick Limited Statement of Directors' responsibilities in Respect of the Financial Statements For the period ended 30 January 2026 The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the Director to prepare financial statements for each financial period. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director 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 Group and of the profit or loss of the group for that period.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Parent Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Parent 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 Group and the Parent Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Independent auditors' report to the members of Fenwick Limited Report on the audit of the financial statements Opinion In our opinion, Fenwick,Limited’s group financial statements and company financial statements (the “financial statements”):
We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise:
Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Conclusions relating to going concern 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 group's and 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. 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. 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Independent auditors' report to the members of Fenwick Limited Conclusions relating to going concern (continued) However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the group's and the company's ability to continue as a going concern. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities. With respect to the Strategic report and Directors' Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included. Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below. Strategic report and Directors' Report In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Directors' Report for the period ended 30 January 2026 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements. In light of the knowledge and understanding of the group and company and their environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic report and Directors' Report. Responsibilities for the financial statements and the audit Responsibilities of the directors for the financial statements As explained more fully in the Directors' responsibilities statement, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. 16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Independent auditors' report to the members of Fenwick Limited Responsibilities of the directors for the financial statements (continued) The directors are also responsible 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 group’s and 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 group or the company or to cease operations, or have no realistic alternative but to do so. Auditors’ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ 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. Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006, and UK rax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries in order to improve results or through management bias in manipulation of accounting estimates. Audit procedures performed by the engagement team included:
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Fenwick Limited Independent auditors' report to the members of Fenwick Limited Auditors’ responsibilities for the audit of the financial statements (continued) There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report. Use of this report This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Other required reporting Companies Act 2006 exception reporting Under the Companies Act 2006 we are required to report to you if, in our opinion:
We have no exceptions to report arising from this responsibility. Other matter The group financial statements for the 53 weeks ended 31 January 2025, forming the corresponding figures of the group financial statements for the period ended 30 January 2026, are unaudited. Jonathan Greenaway (Senior Statutory Auditor) For and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Newcastle upon Tyne Date: 24 April 2026 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Consolidated profit and loss account
The notes on 26 to 48 form part of these financial statements. 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Consolidated Statement of other comprehensive income For the period ended 30 January 2026
The notes on 26 to 48 form part of these financial statements. 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Registered number: 00052411 Company balance sheet as at 30 January 2026
The Company's Loss for the period was £39,567k (2025 - Loss £38,808k). The notes on pages 26 on to 48 form part of these financial statements. The financial statements on pages 19 to 25 were approved and authorised for issue by the board on 24 April 2026 and were signed on its behalf: 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Registered number: 00052411 Company balance sheet as at 30 January 2026
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Fenwick Limited Registered number: 00052411 Consolidated balance sheet as at 30 January 2026
The notes on pages 26 to 48 form part of these financial statements. The financial statements on pages 19 to 25 were approved and authorised for issue by the board on 24 April 2026 and were signed on its behalf:
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Fenwick Limited Company statement of changes in equity
The notes on pages 26 to 48 form part of these financial statements. 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Consolidated statement of changes in equity
The prior period Consolidated Statement of Changes in Equity was unaudited. The notes on pages 26 to 48 form part of these financial statements. 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Consolidated statement of cash flows For the period ended 30 January 2026
The notes on pages 26 to 48 form part of these financial statements. 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 1. General information Fenwick Limited is a private company limited by shares and is incorporated in England. The address of its registered office is Elswick Court, Northumberland Street, Newcastle-Upon-Tyne, England, NE99 1AR. The principal activity of the group and company is a retailer with a distinct proposition tailored to each of our local markets, together with a sizeable property investment portfolio. 2. Accounting policies The principal accounting policies applied in the preparation of these consolidated and separate financial statements are set out below. These policies have been applied consistently to all periods presented, unless otherwise stated. a. Basis of preparation of financial statements The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (FRS 102) and the Companies Act 2006. The group's functional and presentational currency is the Pound Sterling. The financial statements are rounded to thousands. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account and statement of other comprehensive income in these financial statements. b. Basis of consolidation The consolidated financial statements present the results of the Company and its own subsidiaries ('the Group') as if they form a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Consolidated balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair value at the acquisition date. The results of acquired operations are included in the Profit and loss account and statement of other comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 2. Accounting policies continued c. Going concern In order to prepare the financial statements on the going concern basis, the Directors have considered financial projections for a period in excess of 12 months from the date of signing the financial statements (‘Review Period’). These projections are based on the Group's detailed plans. From the detailed plans, the forecasts show that the Group has sufficient resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore continue to be a going concern. Sensitivity analysis has been performed over the model including a review of the key assumptions underpinning the Group's projections.These sensitivities seek to model the impact of severe but plausible downside risks to the achievement of the financial projections. Based on what is known at this time and the forecast information available, the potential downside sensitivities that have been considered, including the mitigating actions that are available in the event that further financing is required, the Directors believe it appropriate to prepare the financial statements under the going concern basis and for the Group to continue as a going concern for a period of at least 12 months from the date of signing of these financial statements. d. Liability limitation cap The directors have agreed with the group’s auditors that the auditors liability to damages for breach of duty in relation to the audit of the group’s financial statements for the period to 30 January 2026 should be limited to the greater of £5,000,000 or 5 times the auditors fees, and that in any event the auditors liability for damages should be limited to that part of any loss suffered by the group as it just and equitable having regard to the extent to which the auditors, the group and any third parties are responsible for the loss in question. The shareholders approved this limited liability agreement, as required by the Companies Act 2006, by a resolution dated 21 May 2025. e. Revenue Rental income Rental income from assets leased under operating leases is recognised on a straight line basis over the term of the lease. Rent free periods or other incentives are accounted for as a reduction to the rental income and recognised on a straight line basis over the term of the lease. Interest income Interest income is recognised using the effective interest rate method when it is probable that the Group will receive the consideration due under the transaction and the amount of the revenue can be measured reliably. 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 2. Accounting policies continued e. Revenue continued Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Sale of goods Gross sales are the fair value of consideration received or receivable for retail sales including concessions in the department stores, net of returns and discounts. All sales are derived in the United Kingdom. Sales are recognised on sale to the customer, which is considered the point of delivery. Sales are usually by cash, credit or payment card. Turnover excludes the amounts within Gross sales deemed not to have been received as a principal but as an agent. Certain brands have concession arrangements in the Group's stores whereby the Group receives payments based on the concessionaires’ revenue. This revenue is recognised on an accruals basis. Turnover also includes gross rental income on investment properties. The Group recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the Group retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the Group's sales channels have been met. Sales are made to retail customers with a right of return, subject to certain conditions. Accumulated experience is used to estimate and provide for such returns at the time of sale. f. Pensions The Group has three schemes with defined benefits based on final salary, all of which are closed to future accrual. All assets are held separately from those of the Group in independently administered funds. Pension scheme assets are measured using market value. Pension scheme liabilities are measured using the projected unit actuarial method and are discounted at the current rate of return on a high quality corporate bond of equivalent terms and currency to the liability. The net interest cost is calculated by applying the discount rate to the net balance of the schemes’ liabilities and schemes’ assets and this cost is recognised in profit or loss as ‘Finance expense’. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts include in net interest, are disclosed as ‘Remeasurements of net defined liabilities’. Pension schemes’ surpluses, to the extent that they are recoverable, or deficits are recognised in full and presented on the face of the Balance Sheet. 28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 2. Accounting policies continued f. Pensions continued The Group also operates a defined contribution scheme and the costs of contributions payable by the Group to the scheme are charged to operating profit. g. Taxation The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item recognised in other comprehensive income or directly in equity. In this case, the tax is recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Group and the Company operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. h. Intangible assets Intangible assets are initially measured at cost and subsequently measured at cost less accumulated amortisation. Amortisation is charged at a rate of 33% straight line. They are subject to regular review in order to ascertain if any impairment may have been incurred and are amortised over their estimated useful lives. i. Tangible fixed assets Tangible fixed assets are initially recognised at cost. Cost includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 2. Accounting policies continued i. Tangible fixed assets continued Subsequently, tangible fixed assets are measured using the cost model. Under the cost model, intangible assets are measured at cost less any accumulated depreciation and any accumulated impairment losses. All tangible fixed assets are considered to have a finite useful life. Depreciation is calculated to allocate the depreciable amount of tangible fixed assets to their residual values over their estimated useful lives on the following bases:
If factors such as a change in how an asset is used, technological advancement, or changes in market prices indicate that the residual value or useful life of an asset has changed since the most recent balance sheet date, the group reviews its previous estimates and, if current expectations differ, amends the residual value, amortisation method or useful life, accounting for this as a change in an accounting estimate. j. Impairment of fixed assets Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased. 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 2. Accounting policies continued k. Investment property Investment properties are externally revalued on a tri-annual basis by Cushman & Wakefield. The external valuation is performed in accordance with the principles of the RICS Valuation – Professional Standards (the “Red Book”) as defined within the Red Book. The unrealised gain or loss are recognised in the profit and loss account. The Group has chosen to transfer all unrealised gains and losses on investment properties from Retained earnings to the Revaluation reserve. No depreciation is provided in respect of freehold investment properties. The directors review the investment properties not externally revalued each period to assess their fair value. l. Investments in subsidiary undertaking Investments in subsidiaries are measured at cost less accumulated impairment. m. Stocks Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a moving average cost. Finished goods include labour costs and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If an item of stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. n. Cash at bank and in hand Cash at bank and in hand equivalents include cash in hand, deposits with financial institutions repayable without penalty on notice of not more than 24 hours, other highly liquid investments that mature in no more than three months from the date of acquisition and bank overdrafts. Bank overdrafts, where applicable, are shown within 'Creditors: amounts due within one year'. o. Provisions Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of the amounts expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is charged to profit or loss. p. Dividends Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable and similar expenses. 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 2. Accounting policies continued q. Share Capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. 3. Judgements Judgements in applying accounting policies and key sources of estimation uncertainty The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are addressed below.
Investment properties are externally revalued on a tri-annual basis. The external valuation was performed in accordance with the principles of the RICS Valuation – Professional Standards (the “Red Book”) as defined within the Red Book. During the current period, the revaluation was performed in December 2025 by Cushman & Wakefield. Each period the directors also assess the fair value of the investment properties not externally valued. The carrying value at the period end was £192,445k (2025: £182,366k).
The Group has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, asset valuations and the discount rate on bonds. The Group’s actuarial advisers estimate these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. See Note 25 for the disclosures relating to the defined benefit pension scheme. The defined benefit scheme was closed to future accrual with effect from 31 May 2019 and so employee contributions ceased on that date. The carrying value at the period end was £9,122k asset (2025: £23,872k asset).
The Group performs impairment reviews on the carrying value of fixed assets. This involves judgement and involves the use of estimates and assumptions, particularly in relation to future trading forecasts. Should management assumptions regarding revenue growth through stores and digital sales as well as other assumptions not be met, this may result in impairment and/or onerous leases charges. The current period impairment charge was £10,976k (2025: £11,619k). All non-current assets are assessed annually to determine if there is any indication that these may be impaired. The recoverable amount of all non-current assets was determined based on a value in-use calculation. 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 3. Judgements continued
Cash flow forecasts are prepared using the current financial budget approved by the Directors, which covers a five-year period. Cash flows beyond the five-year period are extrapolated using an estimated long-term growth rate. The cash flow forecasts assume revenue and profit growth in line with our growth strategy. The revenue growth assumptions reflect an average annual growth rate of 4.8% over the five-year forecast period. This is underpinned by strategic initiatives to expand key categories through enhanced assortment productivity, supported by improvements in the demand planning process. The Company’s impairment review is sensitive to change in assumptions used, most notably the expected future cash flows arising from growth in new product lines, discount rates and the perpetuity growth rates. Should revenue growth not align with the forecast growth rates then this may result in further impairment absent any mitigating actions that management may take in the form of cost saving. 4. Turnover An analysis of turnover by business segment is as follows:
All turnover has been derived in the United Kingdom. 33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 5. Auditors'
6. Operating loss Operating loss is stated after charging/(crediting)
7. Employees Staff costs, including Directors' remuneration, were as follows:
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Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 7. Employees continued The average monthly number of employees, including the Director, during the period was as follows:
8. Directors'
Directors and Key management emoluments amounted to £2,975k (2025: £3,489k). 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 9. Interest receivable and similar income
10. Interest payable and similar expenses
11. Taxation on loss
Factors affecting tax charge for the period The tax assessed for the period is £22,756,000 (2025 - £35,969,000) the standard rate of corporation tax in the UK of 25.00% (2025 - 25.00%). The differences are explained below: 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 11. Taxation on loss continued
12. Deferred taxation The deferred tax balance is made up as follows:
The opening Group position is unaudited.
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Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 12. Deferred taxation continued Tax losses carried forward total £254.9m (2025: £259.4m). Deferred tax not recognised totals £63.8m (2025: £31.1m). 13. Dividends
14. Intangible assets Group and Company
The opening Group numbers are unaudited. The intangible assets comprise the costs relating to an implementation of an integrated finance and inventory management system and digital costs for the website. 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 15. Tangible assets Group and Company
The opening Group numbers are unaudited. 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 16. Investments Company
The following were subsidiary undertakings of the Company:
* indicates an indirect holding. Registered address: 1. 39 Northumberland Street, Newcastle upon Tyne, NE99 1AR 2. Elswick Court, Northumberland Street, Newcastle upon Tyne, NE99 1AR 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 17. Investment property Group
The opening group balance is unaudited. Company
Investment properties are externally revalued on a tri-annual basis. The external valuation was performed in accordance with the principles of the RICS Valuation - Professional Standards (the “Red Book”) as defined within the Red Book. During the current period, the revaluation was performed in December 2025 by Cushman & Wakefield. Each period the directors also assess the fair value of the investment properties not externally revalued. 41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 18. Stocks
A provision against stock of £3.8m (2025: £2.9m) is included within Goods for resale. 19. Debtors
There are no significant trade debtor balances past due. A provision against debtors of £559k (2025: £485k). Amounts owed by company undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. The company expects to recover the balance after more than one year. 20. Cash at bank and in hand Group
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Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 21. Creditors
22. Creditors
Amounts owed to Group undertakings are unsecured, interest free and have no fixed date of repayment, although the Company has the unconditional right to defer settlement for at least 12 months from the financial reporting period end. 23. Provisions Group and Company
An onerous lease provision has been recognised for future lease commitments, across the Group's portfolio. The opening Group position is unaudited. 43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 24. Called up share capital
None of the Preference Shares of the Company are redeemable. There have been no changes to the share structure in the current period. The Preference Shares carry a right to a fixed cumulative dividend on the capital payable in the following order of priority and at the following rates:
No dividends may be paid on the Ordinary Shares in respect of any financial period unless and until the Preference dividends shall have been paid in full. The 6% Preference Shares, the 7.5% ‘A’ Preference Shares and the 8% Preference Shares carry no voting rights. The 10.125% Preference Shares entitle holders to receive notice of and to attend General Meetings, but not to vote on any resolution, unless at the date of the Notice convening the Meeting, the dividend on such Shares is 6 months’ in arrears. In that instance, the holders will be entitled to attend and vote on any resolutions proposed. 44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 25. Pension commitments Group and Company Defined contribution scheme Since April 2006, employees have been offered membership of the Company’s defined contribution scheme. During the period the Group paid £1,707k (2025: £1,901k) into the scheme. There were no outstanding or prepaid contributions at the balance sheet date. Defined benefit scheme The Group has three defined benefit schemes in the UK, all of which are closed to future accrual. The main fund is the Fenwick Limited Superannuation Fund. Reduced disclosure has been provided for the remaining two schemes as they are significantly smaller and less material than the Superannuation Fund. All schemes are separate trustee administered funds holding the pension scheme assets to meet long term pension liabilities. A full actuarial valuation of the Superannuation Fund was carried out at 5 April 2023 and updated to 30 January 2026 by a qualified actuary, independent of the scheme’s sponsoring employer. The major assumptions used by the actuary are shown below. On 2 February 2023, the Group paid a special employer contribution into the Superannuation Fund of £39.95 million. The Superannuation Fund was closed to future accrual with effect from 31 May 2019 and so contributions ceased on that date. The most recent actuarial valuation of the Superannuation Fund showed a surplus of £12.7m. As the Fund is in surplus, no recovery plan is required and therefore the Group will pay no annual deficit contributions. The scheme will also meet its own expenses and levies to the Pension Protection Fund. During the period there have been buy-in transactions with Aviva of the remaining uninsured members for both the Superannuation Fund and the Senior Executive Fund.
The principal actuarial assumptions used were:
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Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 25. Pension commitments continued The mortality assumptions adopted at 30 January 2026 imply the following life expectancies:
Pension increases in payment on GMP earned from 6 April 1988 for pensions paid through the Fenwick pensioner payroll for the scheme are granted at a fixed rate of 3% p.a. even if the statutory increase in payment on such pensions is lower. For the purpose of the figures in this report, the exercise of this discretion has been assumed to continue in the future Reconciliation of net pension plan asset:
The total cost relating to defined benefit plans recognised in profit or loss as an income/(expense) was: 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 25. Pension commitments continued
The fair value of plan assets was comprised of:
The charge recognised within other comprehensive income is as follows:
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Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 25. Pension commitments continued The High Court judgment in Virgin Media Ltd v NTL Pension Trustees II Ltd considered the validity of certain historic amendments made to contracted-out defined benefit pension schemes. The judgment concluded that amendments affecting contracted-out benefits may be invalid where the required actuarial confirmation that the scheme continued to satisfy the statutory reference scheme test cannot be evidenced. This issue may potentially affect many UK defined benefit schemes, including Fenwick’s pension fund, where historic documentation may be incomplete. The UK Government has announced legislative changes intended to allow retrospective actuarial confirmation of such amendments. The Financial Reporting Council (FRC) has issued technical actuarial guidance to support actuaries in applying these provisions and in determining the evidence required to provide such confirmation. The Trustee and scheme actuary are currently considering whether any historic amendments to Fenwick’s pension fund are affected. Based on the information currently available, the directors do not expect this matter to have a material impact on the liabilities recognised in respect of the Fund. The position will continue to be monitored as further guidance and legislation are implemented. 48 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fenwick Limited Notes to the financial statements For the period ended 30 January 2026 26. Capital and other commitments At 30 January 2026, the Group and the Company had contractual commitments relating to non cancellable operating leases:
The Group also has contingent rent to landlords based on a percentage of turnover. This varies between 0.25%-4.0% across various properties in the Group. 27. Parent undertaking and ultimate controlling party The ultimate and immediate parent undertaking is Fenwick 1882 Limited. The address of the ultimate parent undertaking is Elswick Court, Northumberland Street, Newcastle Upon Tyne, Tyne and Wear, United Kingdom, NE99 1AR. The finance statements can be found at Companies House of England and Wales. 49 |