REGISTERED NUMBER: NI037432 (Northern Ireland)

SWIFTS SUPERMARKETS LTD

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 January 2026

Page

Company Information

1

Strategic Report

2

Directors' Report

4

Independent Auditors' Report

6

Income Statement

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

Ms Sandra Swift

Mr Stephen Swift

REGISTERED OFFICE:

31-33 Main Street

Lisnaskea

Co. Fermanagh

BT92 0JB

REGISTERED NUMBER:

NI037432 (Northern Ireland)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

Unit 7 Dyehouse

Linen Green

Dungannon

Co. Tyrone

BT71 7HB

BANKERS:

Ulster Bank Limited

186 Main Street

Lisnaskea

Fermanagh

BT74 6AA

The directors present their strategic report for the year ended 31 January 2026.

REVIEW OF BUSINESS

The principal activity of the company is retail of non-specialist food, beverages, tobacco and alcohol in commercial premises.

Swifts Supermarkets Ltd continues to deliver a strong trading performance in respect of the year ended 31 January 2026 and the business remains in a sound financial position at the year end. The company returned a profit for the financial year of £53,126 (2025: £150,868) on a turnover base of £11,025,849 (2025: £10,921,674). The company has net assets of £2,568,983 (2025: £2,515,857). The directors consider the results for the year to be satisfactory.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors consider the key performance indicators are those that communicate the financial performance and strengths as a whole, being revenue, gross profit margin and operating profit.

The directors have provided an analysis of the key performance indicators of the business below. The directors continue to monitor revenue and costs to ensure the company remains profitable. The company continues to maintain a strong net asset position.

2026

2025

Revenue

£11,025,849

£10,921,674

Gross profit margin

21.0%

23.3%

Operating profit

£168,149

£364,203

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks from the company's operations are business interruption, customer proposition and food and product safety. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous years.

Business Interruption

Distribution and systems infrastructures are fundamental to ensuring the normal continuity of trading in the store. If an accident occurred to this infrastructure or another key facility, this could have a detrimental impact on the company's ability to operate effectively.

Customer Proposition

We operate in a very competitive industry and our customers' shopping habits are influenced by broader economic factors that our business does not control. If we fail to keep our proposition aligned with customers' expectations, then they may choose not to shop with us and sales will suffer.

Food and Product Safety

We are aware that if we fail to deliver excellent standards of hygiene and safety in our products, there is a potential to harm our customers and damage our business reputation. Food safety is of paramount importance.

STRATEGY AND DEVELOPMENT

The company's success is dependent on understanding and meeting the developing needs of customers and developing innovative solutions for their needs. The company will continue to improve upon its position and concentrate on achieving maximum growth in its market sector while at the same time continuing to improve efficiency in all areas of its operations. With its strong capital base and proven track record the company believes it will be well placed to retain existing customers and generate new business.

FUTURE DEVELOPMENTS

The company is committed to long term creation of shareholder value by increasing the company's market share. The company aims to increase revenue and operating profits. The company will continue to meet the needs of customers and develop innovative solutions for their needs while remaining highly competitive.

ON BEHALF OF THE BOARD:

Ms Sandra Swift - Director

28 October 2026

The directors present their report with the audited financial statements of the Company for the year ended 31 January 2026.

PRINCIPAL ACTIVITY

The principal activity of the company is retail of non-specialist food, beverages, tobacco and alcohol in commercial premises.

DIVIDENDS

Interim dividends paid during the year amounted to £Nil (2025: £57,123). The Directors do not recommend payment of a final dividend.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2025 to the date of this report.

Ms Sandra Swift

Mr Stephen Swift

POLITICAL DONATIONS AND EXPENDITURE

The company did not make any disclosable political donations in the current year (2025: £nil).

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with Section 414C (11) of Companies Act 2006, the directors have elected to disclose details of the business review, principal risks and uncertainties, financial key performance indicators and future developments in the company's Strategic Report which would otherwise be required to be disclosed in the Directors' Report.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Directors' 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditors, Cooper Parry Audit (Ireland) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms Sandra Swift - Director

28 October 2026

Opinion

We have audited the financial statements of Swifts Supermarkets Ltd (the 'Company') for the year ended 31 January 2026 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 January 2026 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 Auditors' 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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:

-	the information given in the Strategic Report and the Directors' Report for the financial year 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.

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 where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page four, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit in respect of fraud are to assess the risk of material misstatement due to fraud, design and implement appropriate responses to those assessed risks and to respond appropriately to instances of fraud or suspected fraud identified during the course of our audit. However, the primary responsibility for the prevention and detection of fraud rests with management and those charged with governance of the company.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We obtained understanding of the legal and regulatory requirements applicable to the company’s financial statements and considered the most significant are the Companies Act 2006, Financial Reporting Standards (FRS102) and UK taxation legislation;

-

We have assessed the risk of material misstatement of the financial statements, including risk of material misstatement due to fraud and how it might occur by holding discussions with management and those charged with governance;

-

We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations;

-

Understanding the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; and

-

Discussions amongst the audit engagement team regarding how fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion we identified the following potential areas where fraud may occur: timing of revenue recognition and management override.

The audit response to risks identified included:

-

Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the relevant laws and regulations above;

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud;

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are reasonable and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 Auditors' 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.

Mr. Desmond Kelly (F.C.A) (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited

Statutory Auditor

Unit 7 Dyehouse

Linen Green

Dungannon

Co. Tyrone

BT71 7HB

29 October 2026

TURNOVER

4

11,025,849

10,921,674

Cost of sales

(8,707,387

)

(8,379,296

)

GROSS PROFIT

2,318,462

2,542,378

Administrative expenses

(2,214,726

)

(2,248,123

)

103,736

294,255

Other operating income

64,413

69,948

OPERATING PROFIT

6

168,149

364,203

Finance income

-

680

168,149

364,883

Finance costs

7

(73,713

)

(138,411

)

PROFIT BEFORE TAXATION

94,436

226,472

Tax on profit

8

(41,310

)

(75,604

)

PROFIT FOR THE FINANCIAL YEAR

53,126

150,868

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

53,126

150,868

NON-CURRENT ASSETS

Intangible assets

10

75,000

75,000

Tangible assets

11

3,661,290

3,684,568

3,736,290

3,759,568

CURRENT ASSETS

Stocks

12

387,381

454,398

Receivables

13

572,745

561,445

Cash at bank and in hand

1,447,329

1,989,898

2,407,455

3,005,741

PAYABLES

Amounts falling due within one year

14

(2,125,975

)

(2,725,768

)

NET CURRENT ASSETS

281,480

279,973

TOTAL ASSETS LESS CURRENT LIABILITIES

4,017,770

4,039,541

PAYABLES

Amounts falling due after more than one year

15

(1,182,233

)

(1,218,463

)

PROVISIONS FOR LIABILITIES

17

(41,211

)

(26,854

)

DEFERRED INCOME

18

(225,343

)

(278,367

)

NET ASSETS

2,568,983

2,515,857

CAPITAL AND RESERVES

Called up share capital

19

210,000

210,000

Revaluation reserve

20

578,120

578,120

Retained earnings

20

1,780,863

1,727,737

SHAREHOLDERS' FUNDS

2,568,983

2,515,857

The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2026 and were signed on its behalf by:

Ms Sandra Swift - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 February 2024

210,000

1,633,992

578,120

2,422,112

Changes in equity

Dividends

-

(57,123

)

-

(57,123

)

Total comprehensive income

-

150,868

-

150,868

Balance at 31 January 2025

210,000

1,727,737

578,120

2,515,857

Changes in equity

Total comprehensive income

-

53,126

-

53,126

Balance at 31 January 2026

210,000

1,780,863

578,120

2,568,983

1.	STATUTORY INFORMATION

Swifts Supermarkets Ltd is a private company limited by shares, registered in Northern Ireland. The company's registered number is NI037432 and the registered office address is 31-33 Main Street, Lisnaskea, Co Fermanagh, BT92 0JB.

The principal activity of the company is retail of non-specialist food, beverages, tobacco and alcohol in commercial premises.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis and in accordance with the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The financial reporting framework that has been applied in their preparation is the Companies Act 2006 (the "Act") and FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" issued by the Financial Reporting Council.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Financial Reporting Standard 102 - reduced disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Swifts Retail Holding Ltd which can be obtained from Companies House.

The company has taken advantage of the following exemptions:

-

from disclosing related party transactions that are wholly within the same group under paragraph 33.1 of the provisions of FRS102, on the grounds that at 31 January 2026 the company was a wholly owned subsidiary of Swift Retail Holding Ltd;

-

from preparing a Statement of cash flows on the basis that it is a qualifying entity and its cash flows are included in the cash flow statement in the consolidated financial statements of its parent company; and

-

from the financial instrument disclosures required under FRS 102 paragraphs 11.41(b) to 11.48(c) and 12.26 to 12.29, as the information is provided in the consolidated financial statement disclosures.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

a) Critical judgements in applying the entity's accounting policies

There are no critical judgements in applying the entity's accounting policies.

b) Key accounting estimates and assumptions

There are no critical accounting estimates and assumptions.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when, and to the extent that the company obtains the right to consideration in exchange for its transfer of goods.

Intangible assets

Liquor licences are recognised initially at cost and subsequently measured at cost less any accumulated impairment losses. The directors consider the liquor licence to have an indefinite useful economic life as there is no foreseeable limit to the period over which the asset is expected to generate economic benefits for the company.

The licence is therefore not amortised but is reviewed annually for indicators of impairment and tested for impairment whenever events or changes in circumstances indicate that its carrying value may not be recoverable. Where the recoverable amount of the licence is less than its carrying value, an impairment loss is recognised in the profit and loss account.

In assessing the useful economic life of the licence, the directors have considered the existence of an active market for liquor licences in Northern Ireland and the fact that such licences do not generally diminish in value over time, provided the licence remains valid and there are no indicators of impairment.

Property, plant and equipment

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment less their estimated residual value, over their expected useful lives as follows:

Freehold property

-

2% straight line

Plant and machinery

-

20% reducing balance

Fixtures and fittings

-

20% reducing balance

Motor vehicles

-

25% reducing balance

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

On transition to FRS 102, the company elected to apply the exemption available in Section 35 whereby the previous GAAP valuation of certain freehold properties was adopted as deemed cost. Accordingly, the valuation at the date of transition has been treated as the property's cost for accounting purposes and is depreciated over its remaining useful economic life.

The revaluation reserve represents gains arising on the revaluation of freehold properties prior to the company's transition to FRS 102. Following transition, the company adopted the revalued amounts as deemed cost and no further revaluations are performed.

Inventories

Inventories are valued at the lower of cost and net realisable value. Inventories are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by group and related parties and are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 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 when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to group and related parties 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and 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.

Taxation

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Hire purchase and leasing commitments

Leasing and hire purchases

Property, plant and equipment held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.

Leasing

Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Distributions to equity holders

Dividends and other distributions to the Company`s shareholders are recognised as a liability in the financial statements in the period in which the dividend's and other distributions are approved by the Company`s shareholders. These amounts are recognised in the statement of changes in equity.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt.

Share Capital of the company

The ordinary share capital of the company is presented as equity.

Government Grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with the conditions attaching to the grant and that the grant will be received.

Grants relating to revenue expenditure are recognised in profit or loss on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Grants relating to tangible fixed assets are recognised as deferred income and released to profit or loss over the expected useful economic life of the related asset.

Revaluation reserve

The revaluation reserve represents unrealised gains arising on the revaluation of freehold properties prior to the adoption of FRS 102. The properties are now carried on the basis of deemed cost under the transitional provisions of FRS 102.

4.

TURNOVER

All turnover is derived from the company`s principal activities. No analysis of turnover is presented as the directors consider disclosure to be seriously prejudicial to the interests of the company.

5.	EMPLOYEES AND DIRECTORS

Staff costs, including directors' remuneration, were as follows:

2026

2025

£

£

Wages and salaries

1,147,513

1,120,670

Social security costs

111,987

62,190

Other pension costs

59,400

123,500

1,318,900

1,306,360

The average number of employees during the year was as follows:

2026

2025

Directors

2

2

Selling, distribution & administration

68

69

70

71

Retirement benefits are accruing to the directors at the year end.

2026

2025

£

£

Directors' remuneration

26,600

26,600

Directors' pensions paid

59,400

123,500

86,000

150,100

Directors are considered the key management of the company.

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2026

2025

£

£

Hire of plant and machinery

48,684

41,961

Rent payable

17,809

4,320

Depreciation - owned assets

129,830

119,617

Foreign exchange differences

(74

)

84

Fees payable to the company's auditors:

- fee for audit of the financial statements

9,000

8,600

The company has taken advantage of the exemption available under the Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations from disclosing remuneration in respect of non-audit services.

7.	FINANCE COSTS

2026

2025

£

£

Bank interest

73,713

138,411

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2026

2025

£

£

Current tax:

UK corporation tax

26,953

69,954

Deferred tax:

Origination and reversal of timing differences

14,357

5,650

Tax on profit

41,310

75,604

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Profit before tax

94,436

226,472

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

23,609

56,618

Effects of:

Expenses not deductible for tax purposes

621

1,174

Depreciation in excess of capital allowances

17,080

16,277

Movement in deferred tax not recognised

-

1,535

Total tax charge

41,310

75,604

9.

DIVIDENDS

2026

2025

£

£

Ordinary Share Capital shares of 1 each

Interim

-

57,123

10.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 February 2025

and 31 January 2026

75,000

NET BOOK VALUE

At 31 January 2026

75,000

At 31 January 2025

75,000

11.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 February 2025

4,074,623

846,467

871,105

29,778

5,821,973

Additions

-

99,072

7,480

-

106,552

At 31 January 2026

4,074,623

945,539

878,585

29,778

5,928,525

DEPRECIATION

At 1 February 2025

583,513

728,021

796,136

29,735

2,137,405

Charge for year

69,822

54,442

5,555

11

129,830

At 31 January 2026

653,335

782,463

801,691

29,746

2,267,235

NET BOOK VALUE

At 31 January 2026

3,421,288

163,076

76,894

32

3,661,290

At 31 January 2025

3,491,110

118,446

74,969

43

3,684,568

12.

STOCKS

2026

2025

£

£

Goods for resale

387,381

454,398

13.	RECEIVABLES

2026

2025

£

£

Other receivables

25,687

17,670

Amounts owed by group undertakings

519,898

519,898

Prepayments and accrued income

27,160

23,877

572,745

561,445

The amounts owed by group undetakings are unsecured, interest free and payable on demand.

14.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts (see note 16)

119,554

212,519

Trade payables

505,078

528,542

Amounts owed to group undertakings

770,171

1,526,302

Amounts owed to related parties

63,806

63,712

Corporation Tax

27,014

15,476

Social security and other taxes

24,366

30,056

VAT

47,660

55,608

Other payables

294,755

5,474

Directors' current accounts

-

52,605

Accruals and deferred income

273,571

235,474

2,125,975

2,725,768