Registration number:
for the Year Ended
MRMU Co op Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
MRMU Co op Limited
Company Information
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Directors |
Mr M R Upton Mr I C Humby Mr J Waterworth |
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Registered office |
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Auditors |
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MRMU Co op Limited
Strategic Report for the Year Ended 31 December 2025
The directors present their strategic report for the year ended 31 December 2025.
Principal activity
The principal activity of the company is the operation and development of convenience retail stores as a franchisee of the Co-op Group.
The company operates local convenience stores under the Co-op brand and is dependent on the Co-op Group as its principal franchise partner and supplier for brand, supply chain infrastructure, systems and operational support.
Fair review of the business
The directors consider the overall performance of the company during the year to be satisfactory, and in several respects encouraging, particularly given the significant operational disruption experienced during the period and the wider cost pressures affecting the convenience retail sector. The company grew turnover substantially, strengthened its balance sheet and returned a retained profit for the year, while managing a materially adverse external systems incident that was outside its control.
Store portfolio development
The company continued to develop its store portfolio during the year. Three new stores were opened, at Fowey, Lancaster University and Frampton Cotterell. These openings expanded the company's trading footprint, increased annualised turnover potential and supported the company's longer-term growth strategy. Lancaster University represented the company's first university campus store; it traded strongly following launch and became one of the company's higher-volume sites.
The company also completed the surrender of its lease at Cornwall Services during the year. The directors considered this to be a positive strategic outcome, as the site had historically underperformed relative to the wider estate and was affected by seasonal volatility and comparatively high operating costs. The exit, together with the surrender premium received, allowed management attention and capital to be focused on stores with stronger long-term potential. At the year end the company therefore operated a larger, more focused estate with improved scale and, in the directors' view, stronger long-term trading potential.
Trading performance
Co-op sales grew to £19.3m (2024: £14.6m), an increase of approximately 32%, driven principally by the enlarged store estate and continued trading development across the portfolio. Gross margin increased in absolute terms to £5.53m (2024: £4.28m), reflecting the growth of the business. The internal gross margin percentage reduced modestly year on year, reflecting sales mix, cost pressures and the operational disruption experienced during the year, and the directors continued to address margin through pricing tier alignment across the estate.
The company maintained a firm focus on cost control and operational efficiency. Wage efficiency improved during the year, with store wage costs falling as a percentage of Co-op sales, which helped to offset increased employment costs including the impact of higher employer National Insurance contributions and National Minimum Wage increases. Earnings before interest, tax, depreciation and amortisation, measured on the company's internal basis, improved year on year. The company also continued to invest in operational improvement and loss prevention, including trials of AI-supported theft-prevention technology in selected stores alongside wider reviews of stock loss, store security and operational controls.
MRMU Co op Limited
Strategic Report for the Year Ended 31 December 2025
Impact of the cyber incident
The business was materially affected by the widely reported cyber incident impacting Co-op Group's systems and operations. The incident caused disruption to product availability, ordering, back-office processes and management reporting across the estate. The directors worked closely with the Co-op Group to maintain operational continuity, protect customer service and minimise disruption to colleagues. Compensation was subsequently agreed with the Co-op in respect of part of the financial impact arising from the incident, and discussions regarding the balance of the impact remained ongoing at the date of this report.
More generally during the year, the company's reliance on third-party systems for operational and financial information increased the level of management time required to review, reconcile and validate that information, and gave rise to some additional professional costs. The directors have continued to focus on the accuracy and timeliness of management information and on strengthening the company's own review and reconciliation procedures.
Position at the end of the year
The company ended the year in a stronger financial position. Net assets increased to £2.92m (2024: £1.38m), reflecting the growth of the business and retained profits, and the company maintained a positive net current asset position at the year end. The directors recognise that the company's growth has increased the importance of disciplined cash management, monitoring of borrowing, reliable management information and the maintenance of a strong working relationship with the Co-op Group. These remain central areas of focus.
Financial Key Performance Indicators
The directors monitor a number of financial key performance indicators to assess the development, performance and position of the business. The principal indicators, drawn from the company's management information, are set out below. Certain figures are stated on the company's internal management basis and may differ from the equivalent statutory measures in the financial statements; comparative figures for 2024 are shown where available.
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Key performance indicator |
2025 |
2024 |
Commentary |
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Co-op sales |
£19.3m |
£14.6m |
Strong year-on-year growth driven by the enlarged store estate and continued trading development. |
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Gross margin (value) |
£5.53m |
£4.28m |
Increased in absolute terms as the business grew. |
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Gross margin (%) |
29.2% |
30.5% |
Reduced modestly due to sales mix, cost pressures and operational disruption; addressed through pricing alignment. |
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Store wage costs as % of Co-op sales |
11.0% |
11.4% |
Wage efficiency improved despite National Insurance and National Minimum Wage increases. |
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Net assets |
£2.92m |
£1.38m |
Strengthened balance sheet following growth and retained profits. |
The directors consider sales growth, gross margin, wage costs as a percentage of sales, operating profitability, cash generation, debt levels and store-level profitability to be the most relevant financial indicators for assessing the performance of the company. These are reviewed by the board on a regular basis through monthly management accounts and store-level reporting.
MRMU Co op Limited
Strategic Report for the Year Ended 31 December 2025
Corporate Governance Statement
The company did not formally adopt a specific corporate governance code during the year.
The directors considered the size, ownership structure and nature of the company and concluded that the adoption of a formal listed-company governance code, such as the UK Corporate Governance Code, or a code such as the Wates Corporate Governance Principles for Large Private Companies, would not be proportionate for a privately owned, medium-sized trading business of the company's scale. The directors instead maintained governance arrangements which they considered practical and appropriate to the company's size and complexity.
During the year these arrangements included regular board meetings attended by the directors, review of monthly management accounts, monitoring of individual store performance against budget, oversight of cash flow and borrowing, review of major capital expenditure, and board approval of significant strategic decisions including new store openings and the surrender of the Cornwall Services lease. The board maintained a clear allocation of responsibilities across finance, store operations, business development and governance matters, and management reporting and financial controls continued to be developed as the company grew.
The directors also maintained regular engagement with the Co-op Group as the company's principal franchise partner and supplier, including engagement with senior Co-op management on operational performance, growth opportunities, supply chain resilience and the response to the cyber incident affecting the wider Co-op network.
As no formal corporate governance code was adopted during the year, there were no departures from such a code to report.
Section 172(1) Statement
The directors are aware of their duty under Section 172 of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, while having regard to the interests of employees, customers, suppliers, business partners and the wider community, and to the long-term consequences of their decisions.
During the year, the directors considered the long-term consequences of a number of significant decisions, including the opening of three new stores, the surrender of the Cornwall Services lease, the operational response to the Co-op cyber incident, and continued investment in operational resilience and governance.
The directors considered the interests of employees throughout the year, particularly during a period of rapid growth and operational disruption. Recruitment, retention, training, colleague welfare and store-level support remained important areas of focus. The company's stores serve local communities that rely on them for convenient access to food and essential goods, and the directors therefore sought to maintain continuity of service during periods of disruption, including during the cyber incident.
The company's relationship with the Co-op Group is strategically important. As the company's principal supplier and franchise partner, the Co-op Group has a significant influence on supply chain continuity, financial reporting, pricing, margin and store operations. The directors continued to work constructively with senior Co-op management to address operational matters and to support the long-term success of the business. The directors also considered the interests of members and shareholders through regular review of financial performance, cash flow, borrowing, capital expenditure and store profitability.
MRMU Co op Limited
Strategic Report for the Year Ended 31 December 2025
Principal risks and uncertainties
The directors regularly review the principal risks and uncertainties facing the company. The principal risks, together with the ways in which the directors seek to manage and mitigate them, are set out below.
Reliance on the Co-op Group
The company is dependent on the Co-op Group as its principal franchise partner and supplier. This relationship provides the business with brand strength, supply chain infrastructure, systems and operational support, but it also creates significant reliance on Co-op systems, supply arrangements, pricing, reporting and data quality. A disruption to, or deterioration in, that relationship or those systems could have a material effect on the company's operations and results.
The cyber incident during the year demonstrated the extent to which disruption within Co-op systems can affect store operations, product availability, cash reconciliation, management reporting and financial control. The directors mitigate this risk through regular engagement with the Co-op Group at both operational and senior level, review of management information, escalation of operational issues, and continued monitoring of supply chain and reporting performance.
Cyber, systems and business continuity risk
The company is exposed to technology and systems risk, particularly where key systems are provided or controlled by third parties. During the year the cyber incident caused significant operational disruption, including product availability issues and a substantial increase in manual processing across the estate.
The directors responded by implementing additional manual controls, maintaining close communication with stores and the Co-op Group, and reviewing the financial impact of the disruption. Cyber resilience, system reliability and business continuity remain key areas of focus, and the directors continue to assess the adequacy of the controls and contingency arrangements available to the business.
Financial reporting and data quality risk
The company relies on accurate and timely operational and financial information to manage store performance, margins, stock, cash flow and profitability. Where that information is dependent on third-party systems, any issue with its accuracy or timeliness can increase the level of management review and reconciliation required, as was experienced at times during the year, and can give rise to additional professional costs.
The directors mitigate this risk through detailed monthly management accounts, finance review and reconciliation procedures, engagement with the company's key partners, and ongoing monitoring of store-level performance. The board recognises that reliable management information is essential to decision-making, funding discussions and future growth, and continues to press for improvements in the accuracy and consistency of the information on which the business relies.
Margin and cost pressure
The company operates in a competitive convenience retail market. Gross margin and profitability may be affected by product mix, promotional activity, waste and stock loss, supplier pricing, distribution costs and changes in consumer spending.
The directors monitor store performance, margin, waste and wage costs closely. During the year the company maintained wage efficiency despite employment cost increases and continued to review pricing, stock control, promotional impact and loss-prevention initiatives, including the alignment of stores onto a consistent pricing tier to support margin.
MRMU Co op Limited
Strategic Report for the Year Ended 31 December 2025
Labour costs and employee retention
The business employs a significant number of colleagues across its store estate. Increases in the National Minimum Wage and employer National Insurance, together with broader labour-market pressures, can have a material impact on profitability and on the company's ability to recruit and retain staff.
The directors seek to mitigate this risk through effective rota and staffing management, recruitment, training, colleague engagement and operational support. Wage cost as a percentage of sales is monitored as a key performance indicator at both store and company level.
Growth, funding and debt risk
The company has grown rapidly through new store openings. Growth creates opportunities for increased turnover and profitability but also requires capital investment, management time, borrowing and careful cash management. An inability to fund growth, or to service borrowing, could constrain the company's plans.
The directors monitor debt levels, interest costs, cash flow and store-level profitability, and consider the financial impact of new store openings before committing to investment. The board seeks to maintain an appropriate balance between growth and prudent financial management, and has recognised that reliable reporting is a precondition for pursuing further expansion or additional funding.
Store opening and operational execution risk
New store openings require effective project management, capital control, recruitment, training, operational planning and supplier coordination. During the year, several stores opened in relatively close succession, placing pressure on operational and support teams.
The directors mitigate this risk through board oversight of new store projects, review of capital expenditure, operational planning and post-opening performance monitoring, so that lessons from each opening inform the next.
Retail crime, stock loss and security
Retail crime, theft and stock loss remain significant risks for convenience retail businesses and can affect profitability, colleague welfare and customer experience.
The company monitors stock loss, waste and security incidents, and continues to review appropriate prevention measures. During the year the company trialled AI-supported theft-prevention technology in selected stores and continued to assess further security improvements where appropriate.
Property and estate risk
The company's performance is affected by the quality, location and lease terms of its store estate. Poorly performing locations can absorb management time and reduce overall profitability.
The surrender of the Cornwall Services lease during the year demonstrated the board's active approach to portfolio management. The directors will continue to review store performance and lease commitments to ensure that the estate remains aligned with the company's long-term strategy.
Future Developments
The directors intend to continue developing the company's retail operations through disciplined growth, operational improvement and prudent financial management. The focus for the forthcoming year will be on integrating the new stores, improving store-level profitability, strengthening reporting and financial controls, maintaining operational resilience, and continuing to work closely with the Co-op Group as the company's principal franchise partner.
The directors will continue to assess future store opportunities carefully, taking into account funding availability, expected returns, operational capacity and the overall risk profile of the business, and will not commit to further significant expansion until satisfied that the underlying reporting and control environment provides a sound basis for doing so.
MRMU Co op Limited
Strategic Report for the Year Ended 31 December 2025
Approved and authorised by the
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MRMU Co op Limited
Directors' Report for the Year Ended 31 December 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors of the company
The directors who held office during the year were as follows:
Information included in the Strategic Report
In accordance with section 414C(11) of the Companies Act 2006, the information required by Schedule 7 of The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report relating to future developments, principal risks and uncertainties and the business review has been included within the Strategic Report.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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MRMU Co op Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
MRMU Co op Limited
Independent Auditor's Report to the Members of MRMU Co op Limited
Qualified opinion
We have audited the financial statements of MRMU Co op Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the 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 qualified opinion on financial statements
Any adjustments that might have been found necessary in respect of the above could have a consequential significant effect, including associated tax impact, on the financial position of the company as at 31 December 2025, the profit for the year and the related disclosure in the financial statements.
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 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 qualified opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.
MRMU Co op Limited
Independent Auditor's Report to the Members of MRMU Co op Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in 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 in this regard.
Opinion on other matter prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, 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 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 returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 9], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
MRMU Co op Limited
Independent Auditor's Report to the Members of MRMU Co op Limited
Auditor 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.
Detecting irregularities, including fraud
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. As such, we have considered:
• the nature of the industry and sector, control environment and business performance including the company’s remuneration policy, bonus levels, and performance targets;
• the company’s own assessment, including assessments made by key management, of the risks that irregularities may occur either as a result of fraud or error;
• any matters we identified having reviewed the company’s policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
• the matters discussed amongst the audit engagement team.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, tax legislation and regulations concerning importing and exporting to and from the UK.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
MRMU Co op Limited
Independent Auditor's Report to the Members of MRMU Co op Limited
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.
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For and on behalf of
Newbury
Berkshire
RG14 1QL
MRMU Co op Limited
Profit and Loss Account for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
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Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
934,516 |
374,809 |
|
|
Interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
|
|
(89,053) |
(58,636) |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
MRMU Co op Limited
Statement of Comprehensive Income for the Year Ended 31 December 2025
|
2025 |
2024 |
|
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
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MRMU Co op Limited
(Registration number: 13073082)
Balance Sheet as at 31 December 2025
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Note |
2025 |
2024 |
|
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Fixed assets |
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Tangible assets |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
|
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|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
|
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Provisions for liabilities |
( |
- |
|
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
1,844,971 |
1,844,971 |
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Share premium reserve |
363,717 |
363,717 |
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Retained earnings |
534,460 |
(137,444) |
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Shareholders' funds |
2,743,148 |
2,071,244 |
Approved and authorised by the
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MRMU Co op Limited
Statement of Changes in Equity for the Year Ended 31 December 2025
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Share capital |
Share premium |
Retained earnings |
Total |
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At 1 January 2024 |
|
|
( |
|
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Profit for the year |
- |
- |
|
|
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New share capital subscribed |
|
|
- |
|
|
At 31 December 2024 |
1,844,971 |
363,717 |
(137,444) |
2,071,244 |
|
Share capital |
Share premium |
Retained earnings |
Total |
|
|
At 1 January 2025 |
|
|
( |
|
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Profit for the year |
- |
- |
|
|
|
At 31 December 2025 |
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MRMU Co op Limited
Statement of Cash Flows for the Year Ended 31 December 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Loss on disposal of tangible assets |
|
- |
|
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Finance income |
( |
( |
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Finance costs |
|
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Income tax expense |
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||
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Working capital adjustments |
|||
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Increase in stocks |
( |
( |
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Increase in trade debtors |
( |
( |
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Increase in trade creditors |
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Net cash flow from operating activities |
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Cash flows from investing activities |
|||
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Interest received |
|
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
|
- |
|
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
|
|
Proceeds from issue of ordinary shares, net of issue costs |
- |
|
|
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Proceeds from bank borrowing draw downs |
|
- |
|
|
Repayment of bank borrowing |
( |
- |
|
|
Payments to finance lease creditors |
( |
( |
|
|
Net cash flows from financing activities |
|
|
|
|
Net increase in cash and cash equivalents |
|
|
|
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Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
1,137,928 |
596,271 |
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MRMU Co op Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
2nd Floor West Portland House
4 Great Portland Street
London
W1W 8QJ
These financial statements were authorised for issue by the
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Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Repulbic of Ireland and the Companies Act 2006'.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
MRMU Co op Limited's key accounting estimates are depreciation and stock. The estimation basis are set out below.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the company's ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements.
In making this assessment, the directors have considered the company's current financial position, cash flow forecasts and available funding facilities. Based on this assessment, the directors consider it appropriate to prepare the financial statements on the going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
MRMU Co op Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged at the rates in order to write off the assets over their estimated useful lives:
|
Asset class |
Depreciation method and rate |
|
Land & Buildings |
15 years straight line |
|
Plant & Machinery |
10 years straight line |
|
Fixture & Fittings |
10 years straight line |
|
Computer Equipment |
5 years straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
MRMU Co op Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
The analysis of the company's Turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
MRMU Co op Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Insurance claims |
|
|
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Income from lease surrender |
|
- |
|
New store contributions |
|
|
|
|
|
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Loss on disposal of Tangible assets |
( |
- |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - other |
|
- |
|
Loss on disposal of property, plant and equipment |
|
- |
|
Interest receivable and similar income |
|
2025 |
2024 |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
- |
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
|
MRMU Co op Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
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|
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Pension costs, defined contribution scheme |
|
|
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Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Sales |
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|
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Management |
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Directors |
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
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Remuneration |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
- |
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
- |
MRMU Co op Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Deferred taxation |
||
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Arising from origination and reversal of timing differences |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Tax increase from other short-term timing differences |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
|
Tax increase from effect of unrelieved tax losses carried forward |
|
|
|
Total tax charge |
|
|
MRMU Co op Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Tangible assets |
|
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2025 |
|
|
- |
|
|
|
Additions |
- |
|
|
|
|
|
Disposals |
- |
( |
- |
( |
( |
|
Transfers |
- |
( |
|
|
- |
|
At 31 December 2025 |
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|
|
|
|
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Depreciation |
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At 1 January 2025 |
|
|
- |
|
|
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Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
( |
|
Transfers |
- |
( |
|
|
- |
|
At 31 December 2025 |
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|
|
|
|
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Carrying amount |
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At 31 December 2025 |
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|
|
|
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At 31 December 2024 |
|
|
- |
|
|
MRMU Co op Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
Included within the net book value of land and buildings above is £82,367 (2024 - £89,207) in respect of freehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Fixture & Fittings |
1,106,959 |
995,354 |
|
Stocks |
|
2025 |
2024 |
|
|
Stocks |
|
|
|
Debtors |
|
Current |
Note |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Deferred tax assets |
- |
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
MRMU Co op Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
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Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other payables |
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Accruals |
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Due after one year |
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Loans and borrowings |
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|
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Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2025 |
( |
( |
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2025 |
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|
|
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,844,971 |
|
1,844,971 |
MRMU Co op Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
|
Loans and borrowings |
Non-current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
- |
|
Hire purchase contracts |
|
|
|
|
|
|
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
- |
|
Hire purchase contracts |
|
|
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Other borrowings |
|
- |
|
|
|
|
|
Obligations under leases and hire purchase contracts |
Finance leases
Finance leasing arrangements relate to store fixtures and fittings.
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
MRMU Co op Limited
Notes to the Financial Statements for the Year Ended 31 December 2025
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Related party transactions |
Summary of transactions with other related parties
During the year, the company purchased accounting services of £4,830 (2024: £0) from Arle House (Investment) Limited, a company controlled by a director, Ian Humby. At the year end, amounts due to Arle House (Investment) Limited totalled £0 (2024: £0).
During the year the company purchased shop fitting services of £1,400,892 (2024: £350,062) from Forum Contracts Limited, a company controlled by Mark Upton, a director of the company. At the year end, amounts due to Forum Contracts Limited totalled £0 (2024: £0).
During the year, accounting services of £33,777 (2024: £37,508) were provided by DBFD Ltd, a company owned by the brother of a director. The transactions were undertaken on normal commercial terms. Amounts outstanding at year end were £2,700 (2024: £2,700).
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General information |
MRMU Co op Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is 2nd Floor West Portland House, 4 Great Portland Street, London, England, W1W 8QJ.
The Financial Statements are presented in Sterling to the nearest pound, which is the functional currency of the Company.
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Parent and ultimate parent undertaking |
The company is not under the control of any single shareholder or group of shareholders acting in concert, and accordingly there is no ultimate controlling party.