Registration number:
Rough Trade Retail (UK) Limited
for the year ended 31 December 2025
Rough Trade Retail (UK) 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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Notes to the Financial Statements |
Rough Trade Retail (UK) Limited
Company Information
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Directors |
D Miller NP House L M Montgomery S Godfroy M Levieille Mr M C Mills |
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Company secretary |
NP House |
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Registered office |
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Auditors |
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Rough Trade Retail (UK) 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
Rough Trade Retail (UK) Limited is principally engaged in the retail of music and entertainment products through physical retail stores and e-commerce channels.
The company also operates live music venues and associated bars at three of its locations. In addition, the company provides event wholesale, third-party sales channel and third-party fulfilment services to selected commercial partners.
Fair review of the business
During the year ended 2025, the Company achieved strong revenue growth, with turnover increasing by 12.6% from £19,500,656 in 2024 to £21,959,508 in 2025. This improvement reflected the benefit of higher sales, continued development of the company's sales channels and operational improvements across the business.
The company continued to invest in its retail, e-commerce and fulfilment operations during the year. These investments supported the company’s ability to serve customers across physical stores, online channels and third-party platforms. The company also continued to develop its event wholesale and third-party fulfilment activities, which contributed to the diversification of its revenue base.
The company retained a significant share of the UK vinyl record market during the year. Its core vinyl business remained central to the company’s performance, supported by its specialist product range, exclusive releases, strong supplier relationships and established customer base. The company also continued to broaden its product range and sales channels across music, entertainment products, events and related services.
The company’s physical retail estate and live music venues continued to play an important role in the development of the Rough Trade brand. These locations provide customers with a combination of retail, cultural and live entertainment experiences, while also supporting the company’s relationships with artists, labels, record companies and wider industry partners.
The company remains committed to developing market-leading retail experiences, both in person and online. During 2025, this included continued investment in e-commerce capability, warehouse capacity, inventory availability and customer fulfilment. The company’s investment in warehouse space and inventory helped support sales growth and improve its ability to respond to customer demand.
Rough Trade Retail (UK) Limited
Strategic Report for the year ended 31 December 2025
The company remains committed to its employees and continued to operate as a Real Living Wage employer during the year. It also paid a profit-related bonus to eligible colleagues, recognising the contribution made by employees to the company’s performance.
Principal risks and uncertainties
Supply chain and product availability
The company is dependent on its ability to source quality inventory in sufficient quantities and at commercially viable prices. Disruption to the manufacture, pressing, shipping or distribution of vinyl records could reduce product availability, delay customer deliveries and limit sales.
The company mitigates this risk by maintaining close relationships with suppliers, monitoring product availability, planning inventory requirements and maintaining appropriate stock levels where commercially justified. The company also continues to develop its range of products and services to reduce reliance on any single category or source of revenue.
Direct-to-consumer competition
The continued growth of direct-to-consumer sales by artists, labels and record companies places competitive pressure on the company’s traditional route-to-market model. Suppliers may increasingly sell directly to consumers or use alternative platforms, potentially reducing the range of products available to the company or affecting demand for its releases.
The company seeks to mitigate this risk by demonstrating the value of its route to market, including its specialist customer base, physical retail presence, e-commerce reach, marketing capability, event activity and ability to provide customers with a distinctive retail experience. The company continues to work closely with artists, labels and record companies to develop mutually beneficial commercial relationships.
Customer demand and inflation
Changes in consumer confidence, household budgets and wider economic conditions may affect demand for music, entertainment products and live events. Inflation may also increase operating costs and put pressure on the spending power of customers and the financial security of employees.
The company mitigates this risk by monitoring customer demand and sales trends closely, adapting its buying and marketing strategies and managing its cost base. The company’s continued commitment to the Real Living Wage also supports employees in the context of wider cost-of-living pressures.
Rough Trade Retail (UK) Limited
Strategic Report for the year ended 31 December 2025
E-commerce, technology and cyber risk
The company is increasingly dependent on its e-commerce platforms, information systems, customer data and operational technology. System outages, cyber-attacks, data loss or technology failures could disrupt trading, affect fulfilment and damage customer confidence.
The company manages this risk through the continued development and monitoring of its technology platforms, operational processes and data-management controls. The company also seeks to maintain appropriate security, access and recovery procedures and to review its systems as the business grows.
Operational and fulfilment risk
The company’s performance depends on the effective operation of its stores, venues, warehouse and fulfilment activities. Operational failures, insufficient capacity, stock inaccuracies, delivery delays or poor customer service could adversely affect financial performance and reputation.
The company mitigates this risk through operational planning, investment in warehouse and fulfilment capacity, monitoring of service performance and continued development of its customer-service processes.
People and key-person dependency
The company’s performance depends on the skills, experience and commitment of its employees and senior management. The loss of key individuals or difficulty recruiting and retaining suitably qualified employees could affect the company’s ability to execute its strategy.
The company seeks to mitigate this risk by maintaining a supportive working environment, operating as a Real Living Wage employer, investing in its people and developing management and operational capability across the business.
Venue and events performance
The company operates live music venues and event-related activities, which are subject to fluctuations in audience demand, artist availability, event costs, venue capacity and wider economic conditions. Events may also be affected by cancellations, cost overruns or operational disruption.
The company manages this risk through event budgeting, commercial review, forward planning and monitoring of venue and event performance. The company continues to assess the contribution of its venues and events to the wider retail and brand strategy.
Financial risks
The company’s financial instruments comprise bank balances, trade creditors and trade debtors.
Liquidity risk is managed by maintaining sufficient cash balances and monitoring cash flow requirements. The company regularly reviews its financial position and seeks to ensure that it has adequate resources to meet its obligations as they fall due.
Credit risk is managed by monitoring outstanding customer and commercial partner balances and by taking appropriate action where amounts become overdue.
The company is also exposed to risks arising from changes in operating costs, supplier terms and, where applicable, foreign exchange movements relating to international activities. These risks are monitored as part of the company’s financial planning and commercial review processes.
Outlook
The company entered 2026 with a strong trading platform, an established customer base and a clear focus on developing its retail, e-commerce, event and fulfilment activities.
The directors remain focused on growing the business sustainably, improving operational efficiency, maintaining product availability and continuing to develop distinctive retail and cultural experiences for customers. The company will continue to monitor supply-chain conditions, consumer demand, inflationary pressures and the competitive environment while investing selectively in the systems, people and infrastructure required to support future growth.
Rough Trade Retail (UK) Limited
Strategic Report for the year ended 31 December 2025
E-commerce, technology and cyber risk
The company is increasingly dependent on its e-commerce platforms, information systems, customer data and operational technology. System outages, cyber-attacks, data loss or technology failures could disrupt trading, affect fulfilment and damage customer confidence.
The company manages this risk through the continued development and monitoring of its technology platforms, operational processes and data-management controls. The company also seeks to maintain appropriate security, access and recovery procedures and to review its systems as the business grows.
Operational and fulfilment risk
The company’s performance depends on the effective operation of its stores, venues, warehouse and fulfilment activities. Operational failures, insufficient capacity, stock inaccuracies, delivery delays or poor customer service could adversely affect financial performance and reputation.
The company mitigates this risk through operational planning, investment in warehouse and fulfilment capacity, monitoring of service performance and continued development of its customer-service processes.
People and key-person dependency
The company’s performance depends on the skills, experience and commitment of its employees and senior management. The loss of key individuals or difficulty recruiting and retaining suitably qualified employees could affect the company’s ability to execute its strategy.
The company seeks to mitigate this risk by maintaining a supportive working environment, operating as a Real Living Wage employer, investing in its people and developing management and operational capability across the business.
Venue and events performance
The company operates live music venues and event-related activities, which are subject to fluctuations in audience demand, artist availability, event costs, venue capacity and wider economic conditions. Events may also be affected by cancellations, cost overruns or operational disruption.
The company manages this risk through event budgeting, commercial review, forward planning and monitoring of venue and event performance. The company continues to assess the contribution of its venues and events to the wider retail and brand strategy.
Financial risks
The company’s financial instruments comprise bank balances, trade creditors and trade debtors.
Liquidity risk is managed by maintaining sufficient cash balances and monitoring cash flow requirements. The company regularly reviews its financial position and seeks to ensure that it has adequate resources to meet its obligations as they fall due.
Credit risk is managed by monitoring outstanding customer and commercial partner balances and by taking appropriate action where amounts become overdue.
The company is also exposed to risks arising from changes in operating costs, supplier terms and, where applicable, foreign exchange movements relating to international activities. These risks are monitored as part of the company’s financial planning and commercial review processes.
Outlook
The company entered 2026 with a strong trading platform, an established customer base and a clear focus on developing its retail, e-commerce, event and fulfilment activities.
The directors remain focused on growing the business sustainably, improving operational efficiency, maintaining product availability and continuing to develop distinctive retail and cultural experiences for customers. The company will continue to monitor supply-chain conditions, consumer demand, inflationary pressures and the competitive environment while investing selectively in the systems, people and infrastructure required to support future growth.
Approved and authorised by the
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Rough Trade Retail (UK) 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
- Business review
- Principal risks and uncertainties
- Future developments
- Financial risks
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.
Reappointment of auditors
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2026.
Approved and authorised by the
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Rough Trade Retail (UK) 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.
Rough Trade Retail (UK) Limited
Independent Auditor's Report to the Members of Rough Trade Retail (UK) Limited
Opinion
We have audited the financial statements of Rough Trade Retail (UK) 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 Cashflows 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, 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 opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Rough Trade Retail (UK) Limited
Independent Auditor's Report to the Members of Rough Trade Retail (UK) Limited
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
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
In the light of the 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 or the Directors’ report.
We have nothing to report in respect of the following matters in relation to which 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 directors’ responsibilities statement [set out on page 5], 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.
Rough Trade Retail (UK) Limited
Independent Auditor's Report to the Members of Rough Trade Retail (UK) Limited
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding, we identified the following matters as being of significance to the entity:
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laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation and distributable profits legislation; |
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the timing of the recognition of commercial income; |
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compliance with legislation relating to health and safety; fire risk and employment law; |
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management bias in selecting accounting policies and determining estimates; |
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inappropriate journal entries; and |
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recoverability of debtors; |
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
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enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations |
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enquiries with the same concerning any actual or potential litigation or claims; |
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discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud; |
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assessment of matters reported to management and the result of the subsequent investigation; |
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obtaining an understanding of the relevant controls and testing their operation during the period; |
Rough Trade Retail (UK) Limited
Independent Auditor's Report to the Members of Rough Trade Retail (UK) Limited
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obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year; |
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review documentation relating to compliance with the regulations in particular health and safety regulation and assessments; |
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challenging assumptions made by management in their specific accounting policies and estimates; |
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identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash; |
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assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding; |
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reviewing the financial statements for compliance with the relevant disclosure requirements; |
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performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud; |
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evaluating the underlying business reasons for any unusual transactions; and |
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considered the implementation of controls during the year . |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Rough Trade Retail (UK) Limited
Independent Auditor's Report to the Members of Rough Trade Retail (UK) 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
Chartered Accountants
Statutory Auditors
Rough Trade Retail (UK) Limited
Profit and Loss Account for the year ended 31 December 2025
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Note |
2025 |
Restated |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
89,353 |
127,307 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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21,475 |
35,842 |
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Profit before tax |
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Tax on profit |
( |
( |
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(Loss)/profit for the financial year |
( |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Rough Trade Retail (UK) Limited
Statement of Comprehensive Income for the year ended 31 December 2025
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2025 |
2024 |
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(Loss)/profit for the year |
( |
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Total comprehensive income for the year |
( |
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Rough Trade Retail (UK) Limited
(Registration number: 05945476)
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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Investments |
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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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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
( |
( |
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Retained earnings |
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Shareholders' funds |
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Approved and authorised by the
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Rough Trade Retail (UK) Limited
Statement of Changes in Equity for the year ended 31 December 2025
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Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2025 |
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( |
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Loss for the year |
- |
- |
- |
( |
( |
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At 31 December 2025 |
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( |
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Share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2024 |
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( |
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Profit for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
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At 31 December 2024 |
2,663 |
1,712,281 |
(51,628) |
445,759 |
2,109,075 |
Rough Trade Retail (UK) 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:
England
The principal place of business is:
Unit 3 Carrick Business Centre
Bonville Road
Brislington
Bristol
BS4 5NZ
These financial statements were authorised for issue by the
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Accounting policies |
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.
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 Republic of Ireland and the Companies Act 2006'.
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.
Summary of disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙ the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙ the requirements of Section 7 Statement of Cash Flows;
∙ the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙ the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙ the requirements of Section 33 Related Party Disclosures paragraph 33.7.
Rough Trade Retail (UK) Limited
Notes to the Financial Statements for the year ended 31 December 2025
Group accounts not prepared
Going concern
In preparing these financial statements, the directors have assessed the ability of the company to continue to operate for the period of at least twelve months from the date of signing the financial statements.
Based on the current position the directors have a reasonable expectation that the company has adequate resources to continue in operational existence, along with the financial support of its directors, for a period of at least twelve months from the date of signing these financial statements and accordingly they adopt the going concern basis in preparing these financial statements.
Judgements
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate. |
Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
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.
The company recognises revenue when:
The amount of turnover can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Rough Trade Retail (UK) Limited
Notes to the Financial Statements for the year ended 31 December 2025
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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.
Rough Trade Retail (UK) Limited
Notes to the Financial Statements for the year ended 31 December 2025
Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
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Depreciation method and rate for tangible assets |
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Asset class |
Depreciation method and rate |
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Long leasehold |
written off over the term of lease |
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Office equipment |
straight line over 1, 2 and 3 years |
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Plant and machinery |
25% Reducing balance |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Rough Trade Retail (UK) Limited
Notes to the Financial Statements for the year ended 31 December 2025
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Operating leases: The Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Rough Trade Retail (UK) 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.
Financial instruments
The company has taken the option to disclose financial instruments under .
Classification
Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Rough Trade Retail (UK) Limited
Notes to the Financial Statements for the year ended 31 December 2025
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2025 |
Restated |
|
|
Sale of goods |
|
|
|
Other income |
|
|
|
|
|
The analysis of the company's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Rest of world |
|
|
|
|
|
4 Prior year restatement
A different disclosure was made in 2025 for which the company restated the 2024 disclosures due to prior year period classification and to ensure that the presentation was consistent across two years.
Other income
Within the profit and loss account, other income has been reclassified from other operating income to other income. There is zero impact on profit.
|
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 |
|
|
|
Loss on disposal of property, plant and equipment |
|
- |
Rough Trade Retail (UK) Limited
Notes to the Financial Statements for the year ended 31 December 2025
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
Foreign exchange gains/(losses) |
|
( |
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
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 |
|
|
Administration and support |
|
|
|
Sales |
|
|
|
Marketing |
- |
|
|
Distribution |
|
|
|
|
|
Rough Trade Retail (UK) Limited
Notes to the Financial Statements for the year ended 31 December 2025
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
- |
( |
|
139,931 |
63,999 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than 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 |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
- |
( |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit |
|
|
|
Deferred tax decrease from unrecognised tax loss or credit |
( |
( |
|
Total tax charge |
|
|
Rough Trade Retail (UK) Limited
Notes to the Financial Statements for the year ended 31 December 2025
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
( |
( |
- |
( |
|
At 31 December 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2025 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
( |
( |
- |
( |
|
At 31 December 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2025 |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
Included within the net book value of land and buildings above is £965,023 (2024 - £1,248,803) in respect of long leasehold land and buildings.
Included within the net book value of land and buildings above is £188,545 (2024 £209,495) in respect of finance lease contracts.
|
Investments |
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
Rough Trade Retail (UK) Limited
Notes to the Financial Statements for the year ended 31 December 2025
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2025 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2025 |
|
|
At 31 December 2024 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
|
|
|
|
|
Stocks |
|
2025 |
2024 |
|
|
Other inventories |
|
|
|
Debtors |
|
Current |
Note |
2025 |
2024 |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
|
|
Rough Trade Retail (UK) Limited
Notes to the Financial Statements for the year ended 31 December 2025
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accruals |
|
|
|
|
Income tax liability |
99,156 |
94,407 |
|
|
Deferred income |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
- |
|
|
|
Other financial liabilities |
|
|
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2025 |
|
|
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 December 2025 |
( |
( |
|
|
||
The deferred tax asset recognised in the accounts arises principally from timing differences between the net book value (NBV) of fixed assets and their corresponding tax written-down values.
The net movement during the year of £20,836 has been credited to the Profit and Loss account.
Rough Trade Retail (UK) Limited
Notes to the Financial Statements for the year ended 31 December 2025
|
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. |
£ |
|
|
|
|
2,663 |
|
2,663 |
|
|
|
1,712,281 |
|
1,712,281 |
|
|
|
|
|
|
|
Reserves |
Capital redemption reserve
The capital redemption reserve represents the purchase or redemption of the company's own shares out of distributable profits and the nominal value of the shares redeemed and cancelled.
Profit and loss reserve
The profit and loss account represents the accumulated profits, losses and distributions of the company.
Share premium reserve
The share premium account represents the excess of aggregate conditional cash received for share capital issued over its nominal value, less directly attributable transaction costs incurred in issuing those shares.
Rough Trade Retail (UK) Limited
Notes to the Financial Statements for the year ended 31 December 2025
|
Obligations under leases and hire purchase contracts |
Hire purchase
The total of future hire purchase contract payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
- |
|
|
|
|
|
Related party transactions |
Summary of loans with parent
Summary of loans with subsidiaries
At the yearend Rough Trade Germany owed the company £589,451 (2024 £483,536).
There is a bad debt provision of £100,000 (2024 £160,000) against the current year balance.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from the registered office of the parent company.
25 Ultimate controlling parties
The ultimate controlling parties are XL Recordings Limited, a company incorporated in England and Wales and Combat Media, a company incorporated in France.