The directors present the strategic report for the period ended 29 March 2026.

The principal activity of The Conran Shop Limited (“the Company”) is the retail and distribution of premium, design-led furniture, lighting, and home accessories under The Conran Shop brand. The Company operates a flagship store in Sloane Square, London, complemented by an e-commerce platform and wholesale operations in UK, Europe, and North America. The brand’s international presence is further supported through franchise arrangements in Japan and South Korea and a joint venture partnership in Kuwait.

The brand continues to be recognised internationally for its heritage, creativity, and design integrity, building on the legacy established by Sir Terence Conran. The management team remains committed to preserving the brand’s iconic status while repositioning the business for sustainable growth.

Development and performance of the business

The Company made a loss for the period and has continued to incur losses subsequent to the period end. Performance remained below expectations due to continued weakness in consumer confidence, cost inflation, and ongoing structural changes within the retail environment. The directors do not expect a return to profitability within the next 12 months.

Despite these challenges, the shareholder has continued to provide financial support, enabling the further growth in B2B sector, optimisation of cost base and strengthening the brand’s product proposition.

During the period, the Company:

• Secured three significant strategic wholesale partnerships with key names within the UK retail landscape, marking an important milestone in the Company's B2B growth strategy and providing access to a substantially wider customer base and enhanced brand visibility across the UK;

• Secured an upgraded, more prominent space within luxury and curated spaces in London, allowing the brand to trial new formats and product ranges in high-footfall, premium retail and cultural environments, build direct engagement with customers, and generate valuable insight into consumer preferences ahead of a potential wider roll-out of the retail partnership model;

• Launched a new marketplace format with several customers, a further extension of the Company's partnership with the retailer, providing an additional route to market and broadening customer reach through online platform;

• Engaged with approximately 40 organisations prominent within the B2B contracts and property development sector, reflecting the Company's strategy to broaden its presence within this higher-value, longer-cycle segment of the market;

• Held several design-led events at its Sloane Square flagship store, celebrating craftsmanship, contemporary design, and collaborations with emerging and established designers;

• Continued to trade in the Middle East through its Kuwaiti joint venture subsidiary, established in partnership with a local business group in the prior period, raising awareness of the brand and strengthening its presence across the region; and

• Advanced plans to refine the product mix and strengthen supplier relationships, ensuring improved margin discipline and inventory efficiency.

Key performance indicators

To monitor progress, the directors review a set of core financial Key Performance Indicators (KPIs) to assess the Company’s trading performance and financial health:

2026     2025

Sales            6,318,598        6,957,642

EBITDA*        (2,415,129)        (2,646,540)

Operating loss        (2,843,321)        (4,214,384)

*EBITDA is defined as earnings before interest, tax, depreciation and amortisation.

Future developments

The directors expect the next financial period to remain challenging, with subdued consumer sentiment and ongoing cost pressures across the retail sector.

Nevertheless, management’s actions are aimed at positioning The Conran Shop for sustainable recovery. Key initiatives include:

• Strengthening the performance of the Sloane Square flagships store through curated collections and exclusive collaborations;

• Continuing to grow the online channel, supported by technology investments and digital marketing;

• Expanding national and international reach through selective wholesale partnerships, agents in different countries and larger projects with real estate developers;

• Streamlining internal operations to achieve further efficiencies and improved cost control; and

• Enhancing brand awareness and customer engagement through targeted social media marketing and design-led storytelling.

The Company remains supported by its shareholder and continues to have access to the financial resources required to implement these plans. The directors believe the strategic measures in progress will restore the brand’s commercial momentum, strengthen its position as a leading global destination for contemporary design, and enhance long-term commercial sustainability.

The Company’s operations expose it to a range of financial, operational, and strategic risks. The directors regularly review these risks and implement mitigating actions to safeguard the business. The principal risks and uncertainties are summarised below:

Market and economic risk

The luxury homewares and furnishings business continues to be competitive. In addition to this, the current economic outlook remains uncertain and therefore trading conditions remain challenging.

The company seeks to stand out in this environment by offering a highly distinctive range of products at attractive luxury price points, aiming to build iconic own brand products that are readily recognisable as being from The Conran Shop, in complement to ensuring the range also includes premium, design-led branded products, as well as offering a digital, direct to customer model, with our customers and employees at the heart of the business. The Company mitigates this risk through careful product curation, targeted promotions, and ongoing development of its online and international channels.

Credit risk

Credit risk arises from exposure to wholesale and trade customers, as well as franchise and joint venture partners. The Company manages this risk by conducting credit assessments prior to entering new commercial relationships, monitoring outstanding balances, and enforcing clear payment terms. Concentration of credit risk is limited due to the diverse nature of the customer base. The directors review trade receivables regularly to identify and address any potential collection issues at an early stage.

Liquidity and funding risk

The Company has incurred losses in recent periods and remains reliant on continued shareholder support. The directors maintain close oversight of cash flow and forecasts, ensuring sufficient funding is available to support operations and restructuring activities.

Supply chain and inventory risk

The company produces and purchases its product through a network of third-party suppliers whose performance in terms of quality, compliance with local laws and regulations, and adherence to delivery deadlines is important to ensure the timely availability of stock in stores, online and for delivery to wholesale and franchise partners, as well as customer-specific orders.

The Company sources products from a diverse range of suppliers, both in the UK and overseas (Europe and Asia). Disruptions in supply chains, transportation delays, or cost inflation may affect product availability and margins. The buying and product team continues to strengthen supplier relationships, increase forward visibility of orders, and optimise inventory levels to maintain operational flexibility.

Foreign exchange risk

As the business imports goods and operates through international partners, it is exposed to foreign currency fluctuations. The Company seeks to manage this risk by aligning purchasing and sales currencies where possible and monitoring exchange rate movements closely.

IT and cybersecurity risk

E-commerce and digital platforms are critical to the Company’s operations. Any system failure, cyberattack, or data breach could disrupt trading or damage brand reputation. The Company invests in robust IT infrastructure, cybersecurity controls, and regular system testing to mitigate these risks.

Brand and reputation risk

As a design-led business, brand integrity and customer perception are key to long-term success. Any decline in product quality, customer experience, or marketing consistency could adversely affect the brand. The Company continues to focus on design excellence, customer service, and maintaining The Conran Shop’s position as a leading name in contemporary design retail.

On behalf of the board

The directors present their annual report together with the financial statements of the Company for the period ended 29 March 2026.

The principal activity of the Company is the retail and distribution of premium, design-led furniture, lighting, and home accessories under The Conran Shop brand. The Company operates a flagship store in Sloane Square, London, complemented by an e-commerce platform and wholesale operations in UK, Europe, USA, and Canada. The brand’s international presence is further supported through franchise arrangements in Japan and South Korea and a joint venture partnership in Kuwait.

Business review

A detailed review of the business, including performance during the period, key developments, risks and uncertainties, and future outlook, is provided in the Strategic Report and is not repeated here.

The results for the period are set out on page 10.

No ordinary dividends were paid. The directors do not recommend the payment of a final dividend (2025: £nil).

The directors who served during the period and up to the date of signature of the financial statements were as follows:

No director had any material interest in any contract of significance with the Company during the period.

Since the period end, the Company has issued further ordinary shares to the parent company, Barle Holdings Limited, which has raised a further £1,500,000.

In accordance with the company's articles, a resolution proposing that Rickard Luckin Limited be reappointed as auditor of the company will be put at a General Meeting.

The directors are responsible 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:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• state whether applicable UK accounting standards have been followed;

• prepare the financial statements on a going concern basis unless it is inappropriate.

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.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Each of the directors in office at the date of approval of this annual report confirm that:

• so far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the Company’s auditor is unaware.

• Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the Company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

The financial statements have been prepared on a going concern basis. The directors have considered the Company’s cash flow forecasts, available funding, and the continued support from the shareholder. Based on these considerations, the directors believe the Company has adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements.

Employee involvement

The flow of information to employees has been maintained by our company meetings. Members of the management team regularly visit stores and discuss matters of current interest and concerns to business with members of employees.

We have audited the financial statements of The Conran Shop Limited (the 'company') for the period ended 29 March 2026 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 29 March 2026 and of its loss for the period 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.

Material uncertainty related to going concern

We draw attention to note 1.2 in the financial statements, which indicates that the company incurred a net loss of £2,860,837 (2025: £4,239,805) during the period ended 29 March 2026. As stated in note 1.2, these events or conditions, along with other matters as set forth in note 1.2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

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. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Except for the matter described in the basis for qualified opinion section of our report, 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:

• 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.

As explained more fully in the directors' responsibilities statement, 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.

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.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; data protection legislation; and anti-bribery and anti-corruption legislation.

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

• Challenging assumptions made by management in its significant accounting estimates in particular: depreciation, dilapidation provisions and stock and impairment provisions;

• Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations;

• Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

• Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis; and

• Discussions with management.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on 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 ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The notes on pages 13 to 26 form part of these financial statements.

The Conran Shop Limited is a private company limited by shares incorporated in England and Wales. The registered office is 16-22 Baltic Street West, London, EC1Y 0UL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

The Conran Shop Limited is a wholly owned subsidiary of Barle Holdings Limited and the results of The Conran Shop Limited are included in the consolidated financial statements of Barle Holdings Limited which are available from Companies House.

The financial statements have been prepared on a going concern basis.true

The company made a loss for the period of £2,860,837 (2025: £4,239,805). The company meets its day to day working capital requirements through financial support provided by the ultimate shareholder. A further £1,500,000 of funding has been received from the issue of share capital to the parent company, Barle Holdings Limited after the period end. Should that support be withdrawn then a material uncertainty would exist as to whether the company could continue as a going concern.

The directors have a reasonable expectation that the company has sufficient resources to continue to trade for at least the next 12 months from the date these financial statements are signed.

It is on this basis that the directors consider it appropriate to prepare the financial statements on the going concern basis.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually when the retail goods are physically delivered to the customer), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in first out basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Dilapidation costs are capitalised and amortised over the length of the lease.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Exceptional items

Income and expenses classified as exceptional are shown seperately on the face of the profit and loss account. Income and expenses are treated as exceptional in nature if they are significant one off income or expenses and are not expected to reoccur.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, and experience of recoverability to conclude as to whether any assets are impaired or not.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The deprecation expense is the recognition of the decline in the value of the asset and allocation of the cost of the asset over the periods in which the asset will be used. Judgements are made on the estimated useful life of the assets which are regularly reviewed to reflect the changing environment.

Judgement is made on the level of the stock provision required to ensure that stock is held at the lower of cost and net realisable value. When assessing the provision the directors have considered factors such as the ageing of the stock and movements in customer preference.

The directors have made a provision for dilapidations that represent their best estimate of the liability at the time of the balance sheet date. The actual liability will be dependent on a number of factors including any future agreement that may be reached with the landlord in settling any potential liability at that time.

The £204,695 charge (2025: £171,789 credit) is the acquisition related and restructure costs as a result of shop closures and moving premises in the period.

The £64,628 credit (2025: £81,916 credit) relates to amounts refunded by HM Revenue and Customs in respect of VAT over declarations.

The average monthly number of persons (including directors) employed by the company during the period was:

Their aggregate remuneration comprised:

The company has incurred and provided for redundancy costs during the period totalling £nil (2025: £60,938) and this is included within exceptional expenses.

The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

The company had trading losses carried forward of £27,508,000 (2025: £25,300,000). The company had an unrecognised deferred tax asset of £6,922,000 (2025: £6,330,000) at the period end.

Details of the company's subsidiaries at 29 March 2026 are as follows:

Fixed asset investments have been fully impaired with a carrying value of £nil (2025: £nil).

During the period, the company completed the liquidation of one of its wholly owned subsidiary undertaking, The Conran Shop SAS, a company incorporated in France.

At the period end, the directors made a provision for old and damaged stock including discontinued stock lines. During the period, there was a net decrease in the provision of £25,877 (2025: net reduction of £246,070) which was credited to the profit and loss account.

Finance payment represent amounts payable by the company in relation to certain items of I.T. and software. The arrangement has a term of less than one year and is on a fixed repayment basis with no interest charged.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £18,480 (2025: £23,854) were payable to the fund at the balance sheet date and are included in creditors.

Ordinary shares carry full voting rights, but no right to fixed income.

Growth shares will rank pari passu with the ordinary shares as to voting rights, dividends and capital distribution, subject to the company's financial performance meeting certain thresholds. Until such time and subject thereto, the performance shares have no voting, dividend or capital distribution rights.

Performance shares will rank pari passu with the ordinary shares as to voting rights, dividends and capital distribution, subject to the company's financial performance meeting certain thresholds. Until such time and subject thereto, the performance shares have no voting, dividend or capital distribution rights.

During the period, the company issued 1 Ordinary shares of £0.01 for £700,000.

During the period, the company issued 11,500 Performance shares of £0.01 for £115.

During the period, the company issued 1,750 Growth shares of £0.01 for £18.

During the period, the company repurchased and cancelled 11,500 Performance shares of £0.01 for total consideration of £115.

During the period, the company repurchased and cancelled 1,500 Growth shares of £0.01 for total consideration of £15.

During the period, the Company undertook a capital reduction transferring £2,900,000 of its share premium account to its distributable profit and loss reserve.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Since the period end, the company has issued further Ordinary shares to the parent company, Barle Holdings Limited, for total consideration of £1,500,000.

During the year, the company received a loan of £15,000 from a director (2025: £nil). At the year end, the amount outstanding was £15,000 (2025: £nil). The loan is unsecured, interest-free and repayable on demand. No repayments were made during the year and no guarantees have been given or received in respect of the balance.

During the period the Company received and accrued for invoices of £150,000 (2025: £150,000) from a related company in respect of the remuneration of a director of the Company.

The Conran Shop For Wholesale and Retail Trade W.L.L, is a subsidiary of the company by virtue of control. Sales made in the period to this subsidiary total £14,572 (2025: £122,365). During the period, the company paid expenses on behalf of the subsidiary amounting to £13,782 (2025: £120,021). The company was owed £434 (2025: £Nil) from this subsidiary in respect of funding provided during the period.

The company has taken advantage of the exemption in Financial Reporting Standard 102 from the requirement to disclose transactions with wholly owned group companies on the grounds that consolidated financial statements are prepared by the UK parent company and are publicly available. There are no other related party transactions with other related parties which are not covered by the exemption in section 33 of FRS 102.

Barle Holdings Limited is the ultimate controlling parent company of The Conran Shop Limited. The registered address for Barle Holdings Limited, a company registered in England and Wales is 16-22 Baltic Street West, London, England, EC1Y 0UL.

Barle Holdings Limited is the parent undertaking of the smallest and largest group which consolidates the financial information of the Company. Copies of the group financial statements may be obtained from 16-22 Baltic Street West, London, England, EC1Y 0UL.

Mr J Marandi is the sole owner of Barle Holdings Limited by virtue of his ownership of 100% of the share capital.