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Registered number: 10267305
GCL 2016 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 SEPTEMBER 2025
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CONTENTS
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Statement of Directors' Responsibilities in respect of the Directors' Report and the Financial Statements
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Independent Auditor's Report to the members of GCL 2016 Limited
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Statement of Profit and Loss and Other Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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COMPANY INFORMATION
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P Donohoe (Irish resident)
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S Marriott (Irish resident)
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The Governor and Company of the Bank of Ireland
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Barclays Bank Ireland Plc
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Rabo Bank Plc
76 Sir John Rogerson's Quay
Dublin 2
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STRATEGIC REPORT
FOR THE YEAR ENDED 26 SEPTEMBER 2025
The directors present their strategic report for year ended 26 September 2025.
The principal activity of the company is an investment and holding company.
The Company recorded a loss of £7.5m in the current financial year, arising from the impairment of its investment.
Principal risks and uncertainties
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The company holds investments in a subsidiary company. As such the directors consider the principal risk to be the recovery of its investments.
The Board monitors the performance risks associated with the company's operations and implements procedures to mitigate the consequences of such risks.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 26 SEPTEMBER 2025
The directors present their report and the financial statements of GCL 2016 Limited for the year ended 26 September 2025.
In the current year, the company has adopted the 52 week retail calendar for financial reporting, aligning the Group’s reporting cycle with international retail best practice.
Principal activities and future developments
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The company is an investment and holding company. The directors do not expect this position to change in the foreseeable future.
The Company recorded a loss of £7.5m in the current financial year, arising from the impairment of its investment.
There were no dividends proposed or paid during the year (2024: £NIL).
Directors' and secretary's Interests
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The directors who served during the year were:
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P Donohoe (Irish resident)
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S Marriott (Irish resident)
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In accordance with the Constitution, the directors are not required to retire by rotation and accordingly they will continue in office.
There has been no contract or arrangement with the company during the year in which a director of the company was materially interested and which was significant in relation to the company's business.
J Kane is the company secretary and has no interest in the shares of the company.
During the year, the company made no political donations that would require disclosure (2024: £NIL).
The financial statements have been prepared on a going concern basis.
At year end, the Company is in a net liability position and as such has received a letter of financial
support from BWG Group Unlimited Company undertaking to provide financial support to the
Company for a period not less than twelve months from the date of these financial statements.
Based on the above, the directors have a reasonable expectation that the Company as a whole has
adequate resources to continue in operational existence for the foreseeable future. For this reason,
they continue to adopt the going concern basis in preparing the financial statements.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 26 SEPTEMBER 2025
Disclosure of information to auditor
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Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Post balance sheet events
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Please see note 13 for any significant post balance sheet events which require adjustment to, or disclosure in,
the Company's financial statements.
The auditor, KPMG, will be proposed for reappointment in accordance with Section 487 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE DIRECTORS' REPORT AND THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 SEPTEMBER 2025
The directors are responsible for preparing the strategic report, the directors' report and the financial statements of GCL 2016 Limited in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements of GCL 2016 Limited for each financial year. Under that law the directors have elected to prepare the financial statements of GCL 2016 Limited in accordance with Financial Reporting Standard 101 ‘Reduced Disclosure Framework’.
Under company law the directors must not approve the financial statements of GCL 2016 Limited 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 of GCL 2016 Limited, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis.
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 to enable them to ensure that the 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GCL 2016 LIMITED
Report on the audit of the financial statements
Opinion
We have audited the financial statements of GCL 2016 Limited (‘‘the Company’’) for the year ended 26 September 2025, set out on pages 10 to 21, which comprise the statement of profit and loss account and other comprehensive income, the balance sheet, the statement of changes in equity and the related notes, including the summary of significant accounting policies set out in note 1. The financial reporting framework that has been applied in their preparation is UK law and FRS 101 Reduced Disclosure Framework.
In our opinion:
∙the financial statements give a true and fair view of the state of the Company’s affairs as at 26 September 2025 and of its loss for the year then ended;
∙the financial statements have been properly prepared in accordance with FRS 101 Reduced Disclosure Framework issued by the UK’s Financial Reporting Council; and
∙the financial statements have been properly prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the company in accordance with ethical requirements that are relevant to our audit of financial statements in the UK, including the Financial Reporting Council (FRC)'s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Company or to cease its operations, and as they have concluded that the Company’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over its ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).
In our evaluation of the directors' conclusions, we considered the inherent risks to the Company’s business model and analysed how those risks might affect the Company’s financial resources or ability to continue operations over the going concern period.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GCL 2016 LIMITED
Report on the audit of the financial statements (continued)
Conclusions relating to going concern (continued)
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the Company will continue in operation.
Detecting irregularities including fraud
We identified the areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and risks of material misstatement due to fraud, using our understanding of the entity's industry, regulatory environment and other external factors and inquiry with the directors. In addition, our risk assessment procedures included: inquiring with the directors as to the Company’s policies and procedures regarding compliance with laws and regulations and prevention and detection of fraud; inquiring whether the directors have knowledge of any actual or suspected non-compliance with laws or regulations or alleged fraud; inspecting the Company’s regulatory and legal correspondence; and reading Board minutes.
We discussed identified laws and regulations, fraud risk factors and the need to remain alert among the audit team.
The Company is subject to laws and regulations that directly affect the financial statements including companies and financial reporting legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items, including assessing the financial statement disclosures and agreeing them to supporting documentation when necessary.
The company, is not subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements.
Auditing standards limit the required audit procedures to identify non-compliance with these non-direct laws and regulations to inquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. These limited procedures did not identify actual or suspected non-compliance.
We assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. As required by auditing standards, we performed procedures to address the risk of management override of controls and the risk of fraudulent revenue recognition. We did not identify any additional fraud risks.
In response to risk of fraud, we also performed procedures including: identifying journal entries to test based on risk criteria and comparing the identified entries to supporting documentation; evaluating the business purpose of significant unusual transactions; assessing significant accounting estimates for bias; and assessing the disclosures in the financial statements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GCL 2016 LIMITED
Report on the audit of the financial statements (continued)
Other information
The directors are responsible for the other information presented in the Annual Report together with the financial statements. The other information comprises the information included in the directors’ report. The financial statements and our auditor’s report thereon do not comprise part of 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 as explicitly stated below, any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work we have not identified material misstatements in the other information.
Opinions on other matters prescribed by the Companies Act 2006
Based solely on our work on the other information undertaken during the the course of audit;
∙we have not identified material misstatements in the directors report or the strategic report;
∙in our opinion, the information given in the directors’ report and the strateigc report are consistent with the financial statements;
∙in our opinion, the directors’ report and the strategic report have been prepared in accordance with the Companies Act 2006.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required 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; or
∙the directors were not entitled to prepare the financial statements in accordance with the small
companies regime.
We have nothing to report in regard to these respects.
Respective responsibilities and restrictions on use
Responsibilities of directors for the financial statements
As explained more fully in the directors’ responsibilities statement set out on page 5, the directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; 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; 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 they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GCL 2016 LIMITED
Respective responsibilities and restrictions on use(continued)
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud, other irregularities or error, and to issue an opinion in an auditor's report. 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, other irregularities 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.
A fuller description of our responsibilities is provided on FRC's website at;
www.frc.org.uk/auditresponsibilities.
The purpose of our audit work and to whom we owe our responsibilities
Our 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.
Keith Watt (Audit partner) Date:30 July 2026
for and on behalf of
KPMG
Chartered Accountants, Statutory Audit Firm
1 Stokes Place
St. Stephen's Green
Dublin 2
Ireland
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PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 26 SEPTEMBER 2025
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(Loss)/profit for the financial year
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There are no items of comprehensive income in the financial year or preceding financial year other than
those dealt with in the profit and loss account. Accordingly no statement of other comprehensive income
has been prepared.
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GCL 2016 LIMITED
REGISTERED NUMBER:10267305
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BALANCE SHEET
AS AT 26 SEPTEMBER 2025
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Creditors: amounts falling due after more than one year
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Shareholders' (deficit)/funds
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 21 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 26 SEPTEMBER 2025
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Comprehensive income for the year
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Comprehensive income for the year
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The notes on 13 to 21 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 SEPTEMBER 2025
1.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' ('FRS 101') and the Companies Act 2006. There have been no material departures from the Standards.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The company has considered and adopted all new standards, interpretations and amendments to existing standards that are effective as at year end.
The company was, at the end of the year, a wholly owned subsidiary of another company incorporated outside the EEA and in accordance with Section 401 of Companies Act 2006, is not required to produce, and has not published, consolidated accounts.
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Financial reporting standard 101 - reduced disclosure exemptions
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In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of UK-adopted international accounting standards (“UK-adopted IFRS”), but makes amendments where necessary in order to comply with Companies Act 2006.
The company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 SEPTEMBER 2025
1.Accounting policies (continued)
The financial statements have been prepared on a going concern basis.
At year end, the Company is in a net liability position and as such has received a letter of financial
support from BWG Group Unlimited Company undertaking to provide financial support to the
Company for a period not less than twelve months from the date of these financial statements.
Based on the above, the directors have a reasonable expectation that the Company as a whole has
adequate resources to continue in operational existence for the foreseeable future. For this reason,
they continue to adopt the going concern basis in preparing the financial statements.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the year. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
The company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets
Financial assets include investments in subsidiary. Financial assets are initially recognised at fair value plus initial direct costs and subsequently measured at amortised cost using the effective interest rate method less expected credit losses
Financial liabilities
Financial liabilities include preference shares. These are initially recognised at fair value plus initial direct costs and subsequently measured at amortised cost using the effective interest rate method less expected credit losses.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 SEPTEMBER 2025
1.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also 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 company operates and generates 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:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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.
GCL 2016 Limited ("The Company") is a private company incorporated, domiciled and registered in the United Kingdom. The registered number of the company is 10267305 and the address of its registered office is located at c/o Appleby Westward, Moorlands Trading Estate, Saltash, Cornwall, England, PL 12 6LX.
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements in conformity with FRS 101 requires management to make judgements, estimates and assumptions that effect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimates are revised and in any future periods affected.
Estimates are made by management in respect of the recoverable value of the intergroup investments. When assessing the level of provisions required, factors including current trading experience and historical experience of the subsidiaries are taken into account.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 SEPTEMBER 2025
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Statutory and other information
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The auditor's remuneration is £3,000 (2024: £3,000) and was borne by a related company.
The company has no employees other than the directors, who did not receive any remuneration.
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Factors affecting tax charge for the year
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The tax assessed for the year is differs from (2024 - differs from) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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(Loss)/profit on ordinary activities before tax
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(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Total tax charge for the year
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Factors that may affect future tax charges
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 SEPTEMBER 2025
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the company:
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Gillett's (Callington) Limited
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Moorlands Trading Estate, Saltash, Cornwall, United Kingdom
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Operation of retail convenience stores
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 SEPTEMBER 2025
Subsidiary undertaking (continued)
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The aggregate of the share capital and reserves as at 26 September 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
£
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Gillett's (Callington) Limited
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Creditors: Amounts falling due after more than one year
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Redeemable preference shares
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The redeemable preference shares shall entitle the holder to a fixed preferential dividend at the rate of 6% per annum on the amounts for the time being paid or credited as paid thereon.
The preference dividend shall rank for payment in priority to the payment of a dividend on any other shares of the company.
The redeemable preference shareholder may at any time redeem their shares after six months by the giving of not less than three months notice in writing of the date proposed for redemption. Such redemption shall not be less than £10,000 and not more than than £250,000 per annum.
The redeemable preference shares have priority in a winding up of the company.
The preference shareholders of the cumulative preference shares have waived their rights to dividends up to 26 September 2025.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 SEPTEMBER 2025
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Financial assets measured at amortised cost
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Financial liabilities measured at amortised cost
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Financial assets measured at amortised cost consist of investments in group undertakings.
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Financial liabilities measured at amortised cost comprise of redeemable preference shares.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 SEPTEMBER 2025
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Shares classified as equity
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Authorised, allotted, called up and fully paid
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611 "A" ordinary shares of £1 each
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82 "B" ordinary shares of £1 each
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41 "C" ordinary shares of £1 each
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41 "D" ordinary shares of £1 each
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41 "E" ordinary shares of £1 each
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Each "A" ordinary share shall entitle the holder thereof to receive notice of and to attend, speak and vote at any meeting of the company.
Each "B" ordinary share shall entitle the holder thereof to receive notice of and to attend, speak and vote at any meeting of the company.
Each "C" ordinary share shall entitle the holder thereof to receive notice of and to attend, speak and vote at any meeting of the company.
Each "D" ordinary share shall entitle the holder thereof to receive notice of and to attend, speak and vote at any meeting of the company.
Each "E" ordinary share shall entitle the holder thereof to receive notice of and to attend, speak and vote at any meeting of the company.
The holders of the redeemable preference shares shall not be entitled to receive notice of meetings of or to attend or vote at general meetings of the company.
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Shares classified as debt
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Authorised, allotted, called up and fully paid
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14,500,000 redeemable preference shares of £1 each
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The redeemable preference shares shall entitle the holder thereof to a fixed preferential dividend at the rate of six per cent per annum on the amounts for the time being paid up or credited as part thereon.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 SEPTEMBER 2025
The company and certain of its fellow subsidiaries have unconditionally, jointly and severally guaranteed
up to €247m (2024: €250m) of Senior Credit Facilities together with outstanding interest thereon. The
actual contingent liability at 26 September 2025 was €129m (2024: €133m).
The Company participates in a cross-guarantee arrangement under the Parent’s group financing
structure for borrowings advanced by third parties outside of the Parent Group. Guarantees provided by
the Company under these arrangements have been classified as financial guarantee contracts and are
treated as financial instruments. These are measured initially at fair value and thereafter at the higher of
(i) any expected credit loss allowance and (ii) the initial fair value amount recognised less any cumulative
amount recognised in income. The Company has estimated the fair value of the guarantees to be NIL.
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Post balance sheet events
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In May 2026, following discussions that had been ongoing since the end of the 2025 financial year, the Company's parent company, Appleby Westward Group Ltd, direct subsidiary, Gilletts (Callington) Ltd and indirect subsidiary, Wessex Retail Ltd, entered into an asset purchase agreement with a third party for the disposal of certain assets and the related trading business.
In June 2026, Appleby Westward Group Ltd sold it's wholesale business, which was subsequently transferred to the purchaser. As of the reporting date, 41 retail stores owned by Gilletts (Callington) Ltd and Wessex Retail Ltd have also been sold and transferred to the purchaser. The Directors expect the remaining stages of the transaction to be completed before the end of the 2026 financial year.
This event is considered a non-adjusting event under IAS 10 Events after the Reporting Period, as it does not provide evidence of conditions that existed at the reporting date. Accordingly, no adjustment has been made to the financial statements; however, this matter has been disclosed due to its potential significance.
The company is a wholly owned subsidiary of Appleby Westward Group Limited a company incorporated in England and Wales. The company's ultimate parent undertaking is The Spar Group Limited, a company incorporated in South Africa. The registered office is 22 Chancery Lane, PO Box 1589, Pinetown 3600.
The Spar Group Limited include the company in its consolidated financial statements and these are prepared in accordance with the relevant accounting standards, and are available to the public.
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