BEALE
PLC
Report  & Accounts 2002 CONTENTS
Financial Highlights  2 Consolidated Balance Sheet 24
Chairman’s Statement  4 Company Balance Sheet 25
Chief Executive’s Review 10 Consolidated Cash Flow Statement 26
Finance Director’s Review 13 Notes to the Financial Statements 27
Directors 16 Board Report on Directors’ Remuneration 44
Directors’ Report 17 Notice of Annual General Meeting 49
Statement of Directors’ Responsibilities 19 Company and Shareholder Information 50
Corporate Governance 20 Group Five Year Record 51
Report of the Independent Auditors 22 Financial Calendar 52
Consolidated Profit and Loss Account 23 BEALE
PLC
About the Company
Founded in 1881, today we operate a group of twelve
distinctive department stores across the country,
from Kendal in the north to Bournemouth in the south.
 All trade under the well-established Beales brand,
with the exception of three stores, where we have
retained the locally respected names of Broadbents &
Boothroyds (Southport), Whitakers (Bolton) and
Denners (Yeovil).
We offer branded, functional and aspirational
merchandise for men, women and the home,
tailored to the individual requirements, in each
locality, of our customers, the discerning ABC1
consumer, who is seeking quality, style and
value for money.
We are proud of our individuality and our unique
heritage, which we draw on to provide exceptional
levels of personal customer service and in-store
environments which are being enhanced and updated
constantly to meet the expectations of our
customers.
Our aim is to grow our business through the
ongoing development of our existing portfolio
and the acquisition of similar department
stores.
1  Highlights of 2002
* Acquisition of 3 ADDITIONAL STORES
at Ealing, Tonbridge and Worthing,
resulting in
* TRADING SPACE INCREASED BY
40% for PART YEAR
leading to
* TURNOVER INCREASE of 13.5%
giving rise to
* DIVIDEND GROWTH IN EXCESS OF 6.0%
2 2002 2001 2000
Turnover 13.5% £88.64m £78.05m £75.06m
Operating profit (30.7%) £2.68m £3.87m £3.55m
Dividends per share 6.1% 6.10p 5.75p 5.30p
3 Chairman's Statement
Financial review
This year I have to report that the Group’s operating profit from continuing operations, excluding acquisitions,
fell by 22.2% from £3.87m to £3.01m.  Last year’s result included one additional week’s trading and, if this is
eliminated, then the reduction in operating profit becomes 19.0%.
Trading from the three department stores acquired this year from Bentalls produced a small but anticipated loss
of £329,000.  The Group did not benefit from the important Christmas 2001 trading from these stores, having
acquired them in 2002.
The Group’s profit on ordinary activities before taxation and after the inclusion of the losses of the three
additional stores amounted to £2.53m (2001 53 weeks £3.83m).
Turnover from the Group’s existing nine stores amounted to £77.38m (2001 £78.05m), a decline of less than
1%.  However, if the 53
rd
 week in 2001 is eliminated, then sales increased by 1%.
Review of activities
At the half year I reported that trading over the 2001 Christmas period had been buoyant but was more
subdued in February, March and April.  Despite some optimism at that stage, trade then stagnated and sales in
the Summer and Autumn were flat with consumer confidence lowered by the unsettled economic outlook.  Also
sales of clothing were affected adversely by poor early Summer weather and an unseasonably warm Autumn. 
Trading was further hampered by two major capital projects in the year.  In the first half, the fifth floor restaurant,
the main entrances and display windows in the Bournemouth store were refurbished.  In the second half, the
cosmetics and accessories departments in Yeovil were re-fitted, menswear was moved to the first floor and
young fashion departments introduced to the ground floor.  This project, which lasted for some three months,
was completed shortly after the financial year end.  Both projects will provide for future progress.
In Walton-on-Thames, problems with the external cladding of the store resulted in the erection of scaffolding
around much of the site. Talks are still taking place with our landlord to improve and enlarge this store and,
hopefully, to extend the lease.  If these negotiations are successful, work on the building will start later this year
but, until then, we continue to trade in a poor environment.  Despite this, and to the credit of the management
and staff in Walton, the store has performed strongly.
During the year, the Group acquired three stores from Bentalls. Of these, Worthing joined the Group on 11
March 2002, Ealing on 18 March 2002 and Tonbridge on 16 September 2002.  By the year end, integration of
these businesses was largely complete, although, without the benefit of Christmas 2001 trading and with some
restructuring costs, they incurred a trading loss. Nevertheless, I am confident that in this full year they will prove
to be useful contributors to Group profits.
4 Chairman's Statement Continued
Product photograph
In September, the chief executive instigated a major expense review with particular emphasis on the head
office function.
Following the review, the buying department has been restructured and savings made in a number of other
areas of the business.  Benefits from the exercise will become evident in the current financial year.
Shareholding
At the last two annual general meetings, we proposed the renewal of powers to buy in and cancel shares when
purchases could be made at prices which represent a discount to net asset value and where earnings per
share would be enhanced.  However, on each occasion, Lawdene Limited, a wholly owned subsidiary of
Hoopers Limited the department store group, opposed the move.  Lawdene was the owner of 24.38% of
Beale’s share capital on
24 January 2003.  Since the appropriate resolutions to adopt these powers would require a 75% majority, and
in the knowledge that this was unlikely to be obtained, they were withdrawn from both meetings.
Your Board still believes the adoption of these powers would be in the best interests of shareholders, but with
the continued opposition of Lawdene there seems no point in once more proposing them.
The Board
Michael Mitchell retired as chief executive on 14 June 2002.  I thank him for his outstanding contribution to the
business and wish him a long and happy retirement.
I welcome Allan Allkins as the Group’s new chief executive and hope that he will find his career with the Group
satisfying and rewarding.
Staff
The successful acquisition of the three Bentalls stores was the largest in our history.  The integration of the
additional stores would not have been possible without the loyalty, enthusiasm and hard work of everyone
concerned.  I am very grateful to all members of staff for the cheerful way in which they have faced the
challenges of tough trading conditions.
7 Chairman's Statement Continued
Product photograph
Outlook
Although refurbishment projects tend to have adverse short term profit implications, they are essential if we are
to meet our customers’ expectations and compete successfully in today’s challenging retail conditions. 
Consequently, our strategy will continue with emphasis in the current financial year on the refurbishment of the
lower ground floor in Bournemouth and the renovation of the Bedford store.  Also, if a suitable agreement with
our landlord can be reached, work will start on the extension and refitting of the Walton store.
In addition, we are looking ever closer at the range of merchandise that we offer, with more emphasis on
innovation and a faster response to changing customer requirements.
Like for like sales in November and December did not reach last year’s level.  However, business improved in
the first part of January, which gives hope for cautious optimism.  Also, the acquisitions are settling down well
and are expected to make a significant contribution to Group profits in the current year.
James Sexton
Chairman
8 Chief Executive’s Review
Product photograph
I am delighted to have taken over from Michael Mitchell and am grateful for the warm welcome that I have
received.
Trading performance
In common with other department store groups, we experienced difficult trading conditions throughout the year,
particularly in apparel, which was affected by unseasonal weather during much of the summer and autumn. 
Increased costs, particularly those associated with the integration of acquisitions, concurrent with little or no
price inflation at the till, has meant continuing pressure on margins.  On a more positive note, we are confident
of good progress in our recent acquisitions during the current trading year.
Management structure
We have restructured the senior management team, particularly in buying, which now has three directors of
buying reporting to the merchandise director.  We believe this will add more focus and creativity to our buying
strategy and to our assortment selection.  Certain functions have been decentralised from head office, with
responsibilities passing to store directors. We have carried out an expense review in head office, making solid
savings across the majority of departments.
Trading strategy
The corporate plan for the year outlines a revised trading policy, based on value, assortment and customer
service, supported by strategies for buying, selling, finance/IT, marketing and human resources.  In addition,
each store has a comprehensive business plan which details store profiling and range planning for all
departments.  This will ensure that each of our stores will have an individual assortment which best suits its own
profile.  We believe that our stores should be entertaining, interesting and innovative, and we shall achieve this
by accentuating the difference both in our assortment portfolio, our customer service and the ambience created
in each store.  This will be supported by a revised marketing strategy.  We shall also concentrate on improved
visual merchandising and customer service standards.
During the year, we shall concentrate on improving our stock management through sourcing closer to the
season, tighter and more focused buying and the improvement of margins.  The continuing roll out of our stock
management systems will further enhance our procedures, thus improving profitability.
10 Chief Executive’s Review Continued
Product photograph
The current year
The redevelopment of the Walton-on-Thames shopping centre has not progressed as we would have wished
and, as a consequence, the expansion and refurbishment of our Walton store has been significantly delayed. 
Despite continued disruption to our trading, I am pleased to report that the store performed well and sales
continue to move ahead of last year.  This achievement is a testament to the hard work and loyalty of all the
Walton team, who are to be congratulated.  It is to be hoped that the development of the shopping centre and
the refurbishment of our store will commence during 2003.
We plan to refurbish the ground floor of our Bedford store in addition to some work on the first and second
floors.  A young fashion department will be introduced and the cosmetic and accessories departments
increased in size to reflect the continued success of these categories.
In Bournemouth, the lower ground floor will be completely refurbished.  The gift department will double in size
and move from the ground to the lower ground floor, which will allow a similar expansion of the stationery
department.  Concurrently, new departments will be added to the ground and lower ground floors.
We shall continue to progress the integration of the three stores acquired in 2002 to ensure that they meet our
assortment and system requirements.
Whilst some of the strategic changes made over past months will take time to be fully implemented and
effective, I am confident that the changes will be to the real benefit of both customers and shareholders. 
Cumulatively, sales in the nine core stores for the first eleven weeks to 18 January 2003 were 1.9% below
previous year.  In the same period, the acquired stores’ sales were 1.1% below expectations.
Allan Allkins
Chief Executive
12 Finance Director’s Review
Results
Group sales for the year ended 2 November 2002 of £88,637,000 were 13.5% above the previous 53 week
period. These included sales generated from the acquisitions.  On a comparable 52 week basis, the core Group
sales from ongoing operations, excluding acquisitions, increased in the year by 1.0%.  As reported at the
interim, the first half like for like sales were 1.6% up.  However, a more difficult trading environment resulted in a
like for like increase in the second half of 0.2%.  The gross profit achieved in the year of £32,091,000 was at a
margin of 36.20% for the Group.  This was a reduction of 0.63% from the previous year, due predominantly to
the substantially lower margin from the acquired stores.  Administrative expenses for the Group of £29,407,000
increased by 18.2% on the previous year.  This sizeable increase resulted principally from direct operating
expenses relating to the acquisitions.  On a like for like basis excluding acquisitions, administrative expenses
increased by 3.1%.
Acquisitions
The purchase of the Ealing, Tonbridge and Worthing stores during the year for a total consideration of
£5,333,000 (including transaction costs) is the Group’s most significant expansion since Beale PLC became a
listed company.  Goodwill relating to the acquisitions of £990,000 is being amortised over 20 years.  The three
stores increased the Group’s trading square footage by 40%.  They provide a strong profit potential for the
Group.  Even though the three stores’ turnover for the part year was £11,258,000, the absence of profitable
Christmas trading resulted in the acquisitions yielding an operating loss of £329,000 for the period.  Since
acquiring the new stores, considerable management focus and planned investment in fixed assets and working
capital should ensure that the investments will prove to be beneficial.
Taxation
The Group’s tax charge for the year was £885,000, an effective tax rate of 35.0% (2001 33.9%).  The tax
charge is based on the standard rate of 30.0% (2001 30.0%) and reflects the adverse impact of non-qualifying
capital spend.
Treasury
Treasury activities are governed by procedures and policies approved by the Board.  The Group’s policy is to
take a conservative stance on treasury matters and no speculative positions are taken in financial instruments. 
The treasury function manages the Group’s financial resources in the most appropriate cost and tax efficient
manner, minimising the Group’s exposure to risk arising from interest rate and foreign exchange fluctuations.
Economic and Monetary Union
The Group continues to monitor the potential impact of Economic and Monetary Union.  If the UK were to adopt
a single European currency, then the cost to the Group would depend on the relevant policies and timing.
13 Finance Director’s Review Continued
Product photographs
Accounting policies
The Group’s accounting policies are detailed in note 1 of the financial statements.  The implementation of
FRS19 “Deferred Tax” in the year had no impact on the Group results as 100% provisioning had already been
made.  The transitional provisions for FRS17 “Retirement Benefits” give further disclosure as detailed in note 26.
 We are reviewing the impact of International Accounting Standards in anticipation of full adoption for the year
ending October 2006.
Investment and cash flow
In addition to the acquisition purchase of £5,333,000, the Group invested a further £2,919,000 (2001
£2,560,000) in capital expenditure with major projects in Bournemouth, Worthing and Yeovil.
In order to finance the acquisitions, loan facilities of £12.5m were put in place.  The Group generated cash of
£4,228,000 (2001 £5,436,000) from operating activities leaving net debt at the year end of £7,363,000 (2001
£1,423,000).
Earnings, dividends and shareholding
During the year, the Beales Three Year Sharesave Scheme matured, resulting in the exercise of 273,421 share
options by staff at a price of 80.0p per share.
Profit after taxation was £1,644,000 (2001 £2,530,000) resulting in earnings per share of 8.11p (2001 12.39p).
 During the year, an interim dividend of 1.95p (2001 1.85p) was paid.  The proposed final dividend of 4.15p
(2001 3.90p), when added to the interim payment, results in a total dividend per share of 6.10p, an increase in
excess of 6.0% on the previous year.  The dividend distribution reflects the Board’s confidence that the
acquisitions made during the year will enhance shareholder value.
Ken Owst
Finance Director
14 Directors
Allan Allkins
chief executive   (age 57)
Appointed chief executive in June 2002.  After a distinguished career in the regular Army, Allan joined the John
Lewis Partnership in 1988 and, from 1990 to 1995, he was managing director of its Liverpool store.  Since
1995, he was Managing Director of Hoopers Limited, a Group of 7 fashion-based department stores.
Nigel Beale HonLLD HonDMus FRSA
non-executive deputy chairman; member of the audit committee   (age 59)
A great-grandson of the founder of the business, he was chairman of the Group 1983-1995.  He is a non-
executive director of Bournemouth & West Hampshire Water Plc, Woods (Dorchester) Limited and of Portsmouth
Historic Dockyard Limited.  He is also chairman of the board of governors of the Arts Institute at Bournemouth.
Neil Jones
sales director   (age 38)
Joined the Group in June 2000 from James Beattie PLC, the Midlands based department store group.  He held
various positions over an 18 year period in sales management, eventually becoming a store general manager. 
Appointed a director in January 2001.
Kenneth Owst BA(Hons) FCMA
finance director   (age 46)
Appointed a director in August 1994, having started his retail career with Allders Department Stores in 1985. 
He is a fellow of the Chartered Institute of Management Accountants. He is also a director of the Winchester
Diocesan Board of Finance.
Timothy Rathbone
merchandise director   (age 50)
Joined the Group in 1969.  After a period as national sales manager with Jentique plc, he re-joined Beales in
1983 as buying controller.  He was appointed to the Board in July 1993.
Alison Richards
senior independent non-executive director; chairman of the remuneration committee and member of the audit
committee   (age 49)
Appointed a director in January 1999.  She is the founder and managing director of The Pier (Retail) Limited. 
She is a member of the Board of trustees of UNICEF UK.
James Sexton FCA
independent non-executive chairman; chairman of the audit committee and member of the remuneration
committee   (age 55)
A chartered accountant, he is the Bournemouth based local director for Coutts & Co.  He is also a former
director and chief executive of Newscom PLC.
16 Directors' report
The directors have pleasure in presenting their report and the audited financial statements for the 52 weeks (2001
53 weeks) ended 2 November 2002.
Principal activities and business review
The Company is the holding Company of the Group whose principal activity is the operation of department stores.
 The Group trades as Beales in Bedford, Bournemouth, Ealing, Kendal, Poole, Tonbridge, Walton-on-Thames,
Winchester and Worthing, and as Broadbents & Boothroyds in Southport, as Denners in Yeovil and as Whitakers
in Bolton.  A review of operations for the year is set out in the chief executive’s review on pages 10 to 12.  A
financial review is set out on pages 13 and 14.
Profit and dividends
Group profit for the year after taxation and before dividends is £1,644,000 (2001 £2,530,000).  The consolidated
profit and loss account is shown on page 23.
The directors recommend the payment of a final dividend of  4.15p (2001 3.90p) per share which, together with
the interim dividend of 1.95p (2001 1.85p) paid on 1 October 2002, makes a total of 6.10p (2001 5.75p) per
share for the year.
Donations
During the year, donations amounting to £8,357 (2001 £6,776) were made by the Group to charitable
organisations.  There was no donation to any political party (2001 £nil).
Directors
The  directors  during  the  year  were A M Allkins (appointed 1 June 2002), N  B  E  Beale*,  N D Jones, M C H
Mitchell (resigned 23 July 2002),  A K Owst, T R Rathbone, Alison H Richards* and J M H Sexton*.  (*non-
executive)
A K Owst and J M H Sexton will retire by rotation at the forthcoming annual general meeting and, being eligible,
will offer themselves for re-election.
A K Owst has a service contract with the Company which is subject to twenty four months' notice.  J M H Sexton
does not have a service contract with the Company and was appointed for a 3 year term on 1 January 2001,
which may be terminated on 3 months’ notice.
A M Allkins was appointed an executive director on 1 June 2002 and will offer himself for election at the annual
general meeting.
A M Allkins has a service contract with the Company, which is subject to 12 months’ notice, unless termination is
as a result of shareholder vote at the 2003 annual general meeting, in which case he would be subject to 24
months’ notice.
Details of directors' interests are shown in the Board report on directors’ remuneration on pages 44 to 48.
Substantial shareholdings
At 24 January 2003, in addition to certain directors' interests, which are disclosed on pages 47 and 48, the
following were interested in 3% or more of the issued ordinary share capital of the Company:
Lawdene Limited - 24.38%
Employees
The Group’s policy is to ensure that no disabled applicant or staff member will receive less favourable treatment or
be disadvantaged by job requirements or conditions.  Where appropriate, re-training or job adjustments are made
to assist staff members who become disabled.
Staff members receive information about the Group and store news through weekly newsletters.  Group results
and announcements are also posted on notice boards.  Consultation with staff representatives takes place
through senior management meetings and individual store councils, whose members are then in a position to
inform their colleagues.
17 Directors' report (continued)
Share schemes
At the annual general meeting on 25 March 1999, shareholders approved the introduction of a Beales Three
Year Sharesave Scheme and a Beales Five Year Sharesave Scheme.  On 4 May 1999,  734,505 share options
were granted to qualifying employees at an option price of 80p.  An analysis of Sharesave scheme options as at
2 November 2002 is set out in note 16.  The Sharesave schemes enable staff members to participate in the long-
term growth of the Group.
Details of other share schemes relating to the executive directors are set out in the Board report on directors’
remuneration.
Payment practice
The Group’s policy is to settle invoices within contractual timescales agreed in advance with suppliers. Settlement
terms are agreed at the time of placing orders and at the commencement of business with suppliers.  The
Company is a holding company and has minimal trade purchases.  The Company does not follow any code or
standard on payment practice.  Group payments are made in accordance with contractual and legal obligations. 
As at 2 November 2002, the Group’s creditor days were 46 (2001 40) (based upon the year end trade creditors as
a proportion of the year end purchases).
Auditors
A resolution to re-appoint KPMG Audit Plc as auditors of the Company will be proposed at the forthcoming annual
general meeting.
Special business at the annual general meeting
Shareholder consent will be sought for one item of special business at the annual general meeting of the
Company.  Notice of this meeting, to be held on 20 March 2003, appears on pages 49 and 50 of this annual
report.  The special business comprises:
Resolution 8
This resolution will be proposed to renew the directors’ authority to allot ordinary shares up to an aggregate
nominal amount of £165,476 representing approximately 16.14% of the issued share capital and, in addition,
shares which may be allotted after exercise of options under the Company’s share option schemes, for a further
five years.
By order of the Board
Christopher R Varley  BSc  FCA
Secretary
24 January 2003
Bournemouth
18 Statement of directors' responsibilities
Company law requires the directors to prepare financial statements for each financial period which give a true and
fair view of the state of affairs of the Company and Group and of the profit or loss 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 estimates that are reasonable and prudent;
 
• state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
Group will continue in business.
The directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy
at any time the financial position of the Company and to enable them to ensure that the financial statements
comply with the Companies Act 1985.  They have general responsibility for taking such steps as are reasonably
open to them to safeguard the assets of the Group, and to prevent and detect fraud and other irregularities.
19 Corporate governance
A statement on how the Company has applied the principles contained within the Combined Code is set out
below.
Board of directors
The Board comprises three non-executive directors, two of whom are independent, and four executive directors.
 All directors are required to submit themselves for re-election at least every three years and newly appointed
directors are required to seek election at the first annual general meeting following their appointment.  All
directors are able to bring an independent judgement to bear on Board matters.  Individual directors possess a
wide variety of skills and experience.
The Company has an audit committee, a remuneration committee and a nominations committee, all of which
have defined terms of reference.  New directors are appointed to the Board after being recommended by the
nominations committee.  The nominations committee comprised the entire Board until 2 May 2002 when it was
reduced to the non-executive directors and the chief executive.  The non-executive directors monitor the
Group’s performance and its executive management.  Alison H Richards has been appointed as the senior
independent non-executive director.
The roles of the chief executive and chairman are clearly divided, with the chief executive having responsibility
for running the Group’s business and the chairman running the Board.
The Board meets formally at least 12 times a year and approves the corporate plan and provides overall
operational and financial control.  There is a schedule of matters specifically reserved for the Board's decision to
ensure that the management and direction of the Company are under its control.
There is a procedure agreed by the Board for directors, in the furtherance of their duties, to take independent
professional advice, if necessary, at the Company’s expense.
All directors have access to the advice and services of the Company secretary, who is responsible to the Board
for ensuring that Board procedures are followed and that applicable rules and regulations are complied with. 
Any question of the removal of the Company secretary is a matter for the Board as a whole.
Directors receive appropriate training on appointment to the Board and on an on-going basis.
The Company secretary and the executive directors prepare the agenda and appropriate Board papers on a
monthly basis.  These Board papers are in a form and of a quality appropriate for the Board to discharge its
duties.
The Group has a full system for reporting its financial results on a monthly basis.
Directors’ remuneration
A statement on directors’ remuneration is included in the Board report on directors’ remuneration on pages 44
to 48.
Audit committee
The audit committee currently comprises the three non-executive directors, J M H Sexton (chairman), N B E
Beale and Alison H Richards.  The committee has written terms of reference which deal clearly with its authority
and duties. The committee meets three times per year and is attended by the chief executive, finance director,
Company secretary and the Company’s external auditors.
The committee has responsibility for reviewing the financial statements for compliance with the requirements of
applicable accounting standards, the Companies Act 1985 and Listing Rules of the Financial Services
Authority, dealing with the external auditors, reviewing non-audit services and reviewing the Group’s internal
audit programme.  The duties of the audit committee include keeping under review the scope and results of the
audit and its cost effectiveness and the independence and objectivity of the auditors.
Internal controls
The directors acknowledge that they are responsible for the Group’s system of internal operational and risk
control covering financial compliance management.  However, such a system is designed to manage rather
than eliminate the risk of failure to achieve business objectives, and can provide only reasonable and not
absolute assurance against misstatement or loss.
The Group has been in full compliance with the Combined Code provisions on internal control through the year.
20    Corporate governance (continued)
The key components designed to provide effective internal controls within the Group are:
Control environment - the Group has an organisational structure with clearly defined lines of responsibility to
achieve effectively the corporate objectives.
 
 Risk management - executives have a clear mandate for identifying risks within their sphere of responsibility.
Existing controls are documented and any practicable additional controls are implemented or scheduled to be
implemented and reviewed on a regular basis.
 Information systems - the Group has a comprehensive system of financial reporting.  The annual budget and
rolling three year plan of each store and head office function is approved by the executive directors, and the
Board approves the overall Group budget and plan.  Monthly actual results are reported against budget and
the previous year, and any significant adverse variances are examined by the directors and appropriate
remedial action identified.  There is monthly cashflow reporting and revised profit forecasts for the year are
prepared each month.
 
Control procedures - procedures manuals are maintained by managers and executives.  In particular, there are
clearly defined policies for capital expenditure and treasury management, including appropriate authorisation
levels.  Capital projects require investment appraisal and review.  All large transactions require Board approval.
Monitoring - the processes used by the Board to review the effectiveness of the system of internal controls
include the following:
• reviewing reports from management, internal and external audit of the system of internal controls
and any significant control weaknesses;
• discussing with management the action to be taken on problem areas identified by Board members
or in the internal/external audit reports;
• regular up-dating of policies and procedures for such matters as delegation of authority, capital
expenditure and treasury management.  Throughout the Group, the directors ensure the
placement of experienced and professional staff of the necessary calibre to discharge their
delegated responsibilities.
The audit committee reports annually to the Board on the risk analysis and recommendations are reviewed and
approved by the Board.  The Board has reviewed the effectiveness of the system of internal control for the
period covered by these financial statements.
Shareholders
The Company is ready where practicable to enter into a dialogue with institutional shareholders based on the
mutual understanding of objectives.  The Board uses the annual general meeting to communicate with private
investors and encourages their participation.  The chairmen of the audit committee and of the remuneration
committee are available to answer any questions from investors at the annual general meeting.  Shareholders
can access the Company website at www.beales.co.uk for corporate information.
Going concern
The directors have a reasonable expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future. For this reason, the financial statements continue to be prepared adopting
the going concern basis.
Compliance with the Combined Code
The directors consider that the Board has complied with the provisions of the Combined Code except as set out
below:
The Board has noted the requirements of the Code to reduce notice periods to a maximum of one year. 
However, it is of the view that it is inappropriate to change rolling two-year contracts for existing executive directors
appointed prior to the introduction of the Code.
21 Report of the independent auditors to the members of BEALE PLC
We have audited the financial statements on pages 23 to 43.
Respective responsibilities of directors and auditors
The directors are responsible for preparing the annual report.  As described on page 19, this includes
responsibility for preparing the financial statements in accordance with applicable United Kingdom law and
accounting standards.  Our responsibilities, as independent auditors, are established in the United Kingdom by
statute, the Auditing Practices Board, the Listing Rules of the Financial Services Authority and by our profession’s
ethical guidance.
We report to you our opinion as to whether the financial statements give a true and fair view and are properly
prepared in accordance with the Companies Act 1985.  We also report to you if, in our opinion, the directors’
report is not consistent with the financial statements, if the Company has not kept proper accounting records, if we
have not received all the information and explanations we require for our audit, or if information specified by law or
the Listing Rules regarding directors’ remuneration and transactions with the Group is not disclosed.
We review whether the statement on pages 20 and 21 reflects the Company’s compliance with the seven
provisions of the Combined Code specified for our review by the Listing Rules, and we report if it does not.  We
are not required to consider whether the Board’s statements on internal controls cover all risks and controls, or
form an opinion on the effectiveness of the Group’s corporate governance procedures or its risk and control
procedures.
We read the other information contained in the annual report, including the corporate governance statement, and
consider whether it is consistent with the audited financial statements.  We consider the implications for our report
if we become aware of any apparent misstatements or material inconsistencies with the financial statements.
Basis of audit opinion
We conducted our audit in accordance with Auditing Standards issued by the Auditing Practices Board.  An audit
includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial
statements.  It also includes an assessment of the significant estimates and judgements made by the directors in
the preparation of the financial statements, and of whether the accounting policies are appropriate to the Group’s
circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered
necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial
statements are free from material misstatement, whether caused by fraud or other irregularity or error.  In forming
our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of affairs of the Company and the
Group as at 2 November 2002 and of the profit of the Group for the 52 weeks then ended and have been
properly prepared in accordance with the Companies Act 1985.
KPMG Audit Plc
Chartered Accountants
Registered Auditor
24 January 2003
Southampton
22 Consolidated profit and loss account for the 52 weeks
ended 2 November 2002
Notes
2002
52 weeks
£000
     2001
  53
weeks
 £000
Turnover 1
Continuing operations 77,379 78,046 
Acquisitions 2 11,258 -
88,637 78,046 
Cost of sales (56,546) (49,301)
Gross profit                    
Administrative expenses 3
32,091 
(29,407)
28,745 
(24,871)
Operating profit/(loss)
Continuing operations 3,013 3,874
Acquisitions 2 (329) - 
Profit on ordinary activities before interest
Net interest payable and similar charges 10
2,684 
(155)
3,874 
(44)
Profit on ordinary activities before taxation
Taxation 4
2,529 
(885)
3,830 
(1,300)
Profit for the financial period
Dividends 5
1,644 
(1,251)
2,530 
(1,161)
Retained profit for the period 17  393 1,369 
Earnings per share 6 8.11p 12.39p
Diluted earnings per share 6 8.03p 12.28p
Dividends per share 5 6.10p 5.75p
There is no material difference between the results as disclosed above and the results on an unmodified historical
cost basis.  There are no recognised gains or losses in 2002 and 2001 other than profit for the years as reported
above.
23 Consolidated balance sheet as at 2 November 2002
Notes    2002
    £000
    2001
    £000
Fixed assets
Intangible assets 7 1,242 296 
Tangible assets 8  
22,827
21,922 
Investments 9 28 22 
24,097 22,240 
Current assets                    
Stocks 12,514 7,844 
Debtors due after one year 11 2,018 655 
due within one year 11  7,612 6,885 
9,630 7,540 
Cash at bank and in hand 10,037 3,906 
32,181 19,290 
Creditors - amounts falling due within one year 12 (28,733) (15,427)
Net current assets 3,448 3,863 
Total assets less current liabilities 27,545 26,103 
Creditors - amounts falling due after more than one year 13 (500) -
Provisions for liabilities and charges 14 (1,326) (996)
Net assets 25,719 25,107 
Capital and reserves
Called up share capital 16 1,025 1,011
Share premium account 17 421 216
Revaluation reserve 17 2,319 2,366
Capital redemption reserve 17 242 242
Profit and loss account 17 21,712 21,272
Equity shareholders’ funds 22 25,719 25,107
                                     
These financial statements were approved by the Board of directors on 24 January 2003
and were signed on its behalf by:
J M H Sexton    director
A K Owst           director
24  Company balance sheet as at 2 November 2002
Notes  2002 
  £000 
  2001 
  £000 
Fixed assets
Tangible assets 8 6,938 7,120 
Investments 9 5,189 5,189 
12,127 12,309 
Current assets        
Debtors due after one year 11 3,396 3,396 
due within one year 11 1,775 1,606 
5,171 5,002 
Cash at bank and in hand 9,892 3,795 
15,063 8,797 
Creditors - amounts falling due within one year 12 (8,173) (2,924)
Net current assets 6,890 5,873 
Total assets less current liabilities 19,017 18,182 
Creditors - amounts falling due after more than one year 13 (500) - 
Provisions for liabilities and charges 14 (162) (145)
Net assets 18,355 18,037 
Capital and reserves
Called up share capital 16 1,025 1,011 
Share premium account 17 421 216 
Revaluation reserve 17 868 885 
Capital redemption reserve 17 54 54 
Profit and loss account 17 15,987 15,871 
Equity shareholders’ funds 22 18,355 18,037 
                                     
These financial statements were approved by the Board of directors on 24 January 2003
and were signed on its behalf by:
J M H Sexton    director
A K Owst           director
25 Consolidated cash flow statement for the 52 weeks ended
2 November 2002
Notes 2002
52 weeks
2001
53 weeks
  £000  £000 £000 £000
Cash inflow from operating activities 18 4,228 5,436 
Returns on investments and servicing of finance 
Interest received 20 35 
Interest paid (145) (93)
Net cash outflow for returns on investments and
servicing of finance (125) (58)
Taxation
UK corporation tax net (988) (901)
Capital expenditure and financial investment
Sale of investment - 6 
Purchase of tangible fixed assets (2,919) (2,560)
Sale of tangible fixed assets 135 146 
Net cash outflow for capital expenditure and
financial investment (2,784) (2,408)
Acquisitions
Purchase of businesses 9 (5,333) - 
Cash acquired with acquisitions 9 31 - 
Net cash outflow for acquisitions (5,302) - 
Equity dividends paid (1,188) (1,101)
Cash (outflow)/inflow before financing (6,159) 968 
Financing - long term bank loans 20 500 (2,500)
- short term bank loan 20 5,250 1,750 
- issue of ordinary shares 219 4 
- purchase of own shares - (323)
Net cash inflow/(outflow) from financing 5,969 (1,069)
Decrease in cash during the period 19 (190) (101)
26 Notes to the financial statements
1 Accounting policies
Basis of accounting
The financial statements have been prepared under the historical cost convention modified to include
revaluation of certain assets and in accordance with  applicable  accounting  standards  and  the Companies
 Act  1985,  except as stated in note 9.
The Group has taken advantage of the exemption contained in UITF17 (revised) “Employee Share Options”
for its Inland Revenue approved Sharesave Scheme and has therefore not accounted for the charge
against the profit and loss account where share options (or shares) are issued to employees at an exercise
price less than the market price of the shares at the date of grant.
The following principal accounting policies have been applied consistently in dealing with items which are
considered material in relation to the Group's financial statements.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and its
subsidiaries made up to the year ended 2 November 2002, the Saturday closest to 31 October 2002.  The
Group uses either the acquisition or the merger method to account for the acquisition of subsidiary
undertakings, as appropriate.   Where the acquisition method is used, the results of subsidiary undertakings
are included from the date of acquisition.
The Company has taken advantage of the provisions of the Companies Act 1985 not to publish its own
profit and loss account.
Goodwill
Goodwill (representing the excess of the fair value of the consideration given and associated costs over the
fair value of the separable net assets acquired) arising on the consolidation of subsidiaries and purchased
goodwill arising on acquisitions of businesses in respect of acquisitions since 1 November 1998 is capitalised
and amortised on a straight line basis over 20 years.  On the subsequent disposal or termination of a
business acquired since 1 November 1998, the profit or loss on disposal or termination is calculated after
charging the unamortised amount of any related goodwill.
In prior years, goodwill was written off to reserves in the year of acquisition.  On the subsequent disposal or
termination of a business acquired before 1 November 1998, the profit or loss on disposal or termination is
calculated after charging the amount of any related goodwill previously taken against reserves.
Turnover and gross profit
Turnover and gross profit are derived from one business activity.  Turnover includes the sales of concession
departments and represents amounts received and receivable from goods and services supplied to
customers after deduction of value added tax. Group turnover and gross profit includes interest earned on
customers’ accounts.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation, as detailed in note 8 of these financial
statements.
Depreciation is provided for on the straight line basis so that assets are written down to residual values over
their expected useful life.  Freehold land is not depreciated.  Freehold buildings have been depreciated at
2% per annum.  The rate applied to computers and motor vehicles is 25%.  The rate applied to fixtures and
fittings and EPOS cash registers is 12.5%.
Costs incurred in entering a lease and of leasehold improvements are included in fixed assets and amortised
on a straight line basis over the life of the lease.
Leases
The Group's major leased assets are properties held under operating leases. The annual rentals are
charged to the profit and loss account.
27 Notes to the financial statements (continued)
Fixed asset investments
Quoted fixed asset investments are stated at market value, unquoted fixed asset investments are stated at
cost, but provision is made if it is considered that there has been any impairment in value.  For listed
investments, market value is based on closing mid-market price on a recognised UK stock exchange.
Deferred taxation
Deferred taxation is recognised, without discounting, in respect of all timing differences between the
treatment of certain items for taxation and accounting purposes which have arisen but not reversed by the
balance sheet date, except as otherwise required by FRS19.
Stocks
Stocks comprise principally retail items for resale and are valued at the lower of cost and net realisable value;
cost being the specific item price or being computed on the basis of the selling price less the appropriate
trading margin.
Pension schemes
The Group’s pension scheme has a section providing benefits based on final pensionable pay, which was
closed to new entrants on 6 April 1997, and a defined contribution section.  The assets of the scheme are
held separately from the Group in an independently administered fund. The scheme is valued by actuaries
every three years and the rates of contribution are adjusted in accordance with their advice.
Contributions to the final salary section of the pension scheme are charged to the profit and loss account so
as to produce a level percentage of current and future pensionable payroll.  The amount charged against
profits in relation to the defined contribution section of the scheme represents the contributions payable to
the scheme for the accounting period.
Foreign currencies
Transactions in foreign currencies are translated into sterling at rates ruling at the time of transaction.  Assets
and liabilities denominated in foreign currency are translated at year end rates of exchange, except in those
instances where forward cover has been arranged in which case the forward rate is used.  All differences
arising on translation are included in the profit and loss account.
Cash and liquid resources
Cash, for the purpose of the cash flow statement, comprises cash in hand and deposits repayable on
demand, less overdrafts repayable on demand.
Liquid resources are current asset investments which are disposable without curtailing or disrupting the
business and are either readily convertible into known amounts of cash at or close to their carrying values or
traded in an active market.  Liquid resources principally comprise term deposits of less than one year (other
than cash).
2002 2001 
£000 £000 
2 Acquisitions
Operating loss in relation to acquisitions during the year is
analysed as follows:
Turnover 11,258 - 
Cost of sales (7,354) - 
Gross profit 3,904 - 
Administrative expenses (4,233) - 
Operating loss (329) - 
28 Notes to the financial statements (continued)
2002 2001 
52 weeks 53 weeks 
£000 £000 
3 Profit on ordinary activities before taxation
This is stated after charging/(crediting)
Depreciation 2,626 2,292 
Amortisation of goodwill 44 17 
Operating lease rentals - land and buildings 3,238 2,421 
Operating lease rentals - plant and machinery 177 102 
(Profit)/loss on sale of tangible fixed assets (5) 23 
Loss on sale of fixed asset investments - 4 
Auditors’ remuneration
     Audit work (including £5,890 (2001 £5,390) for BEALE
PLC)
48 43 
     Other fees paid to the auditors and their associates 38 31 
Exceptional rates rebates received (12) (64)
2002
52 weeks
£000
2001
53 weeks
£000
4 Taxation
United Kingdom corporation tax at 30% (2001 30%) 347 1,069 
Deferred taxation - origination and reversal of timing
differences
(see notes 14 and 15)
                                     - current 601 263 
                                     - adjustment in respect of prior periods (63) (32)
Taxation 885 1,300 
The current tax charge for the year is lower (2001 lower) than the standard rate of corporation tax in
the UK of 30% (2001 30%).  The differences are explained below:
2002 
52 weeks 
£000 
2001 
53 weeks 
£000 
Profit on ordinary activities before tax 2,529 3,830
Profit on ordinary activities before tax multiplied by the
standard rate of corporation tax in the UK of 30% (2001 30%) 759 1,149 
Effects of:
Goodwill amortisation 13 5 
Depreciation on assets not qualifying for capital allowances 223 184 
Other (43) 10 
Timing differences:
Capital allowances in excess of depreciation (192) (23)
Pension contributions (421) (244)
Other 8 (12)
Total current tax charge 347 1,069 
29 Notes to the financial statements (continued)
2002
£000
2001
£000
5 Dividends
Ordinary shares
Interim-paid 1.95p 400 1.85p 374 
Final-proposed 4.15p 851 3.90p 789 
Over-provided - - - (2)
6.10p 1,251 5.75p 1,161 
6 Earnings per share
The calculation of earnings per share is based on profit for the financial year of £1,644,000 (2001
£2,530,000) and on 20,260,681 (2001 20,416,154) ordinary shares, being the weighted average
number
in issue during the year.
The weighted average number of shares used in the calculation of diluted earnings per share is
20,474,603 (2001 20,599,879) calculated as follows:
2002
number
2001
number
Basic weighted average number of shares 20,260,681 20,416,154
Dilutive potential ordinary shares: employee share options 213,922 183,725
20,474,603 20,599,879
Group
Goodwill 
7 Intangible fixed assets £000  
Cost (arising on purchase of businesses)
4 November 2001                341
Addition (see note 9)                
990
2 November 2002 1,331
Amortisation
4 November 2001 45 
Charge for the year 44 
2 November 2002 89 
Net Book Value
2 November 2002 1,242
3 November 2001 296 
30 Notes to the financial statements (continued)
Group
Freehold 
 Land & 
 Buildings
Long  
Leasehold 
Buildings 
Short  
Leasehold  
Buildings  
Plant  
Fixtures & 
  Fittings  Total  
8 Tangible fixed assets £000   £000 £000  £000  £000  
Cost or valuation
4 November 2001 10,085 900 1,076 27,476 39,537 
Additions - - 9 2,910 2,919 
Additions attributable to new
businesses - - - 742   742 
Disposals - - - (349) (349)
2 November 2002 10,085 900 1,085 30,779 42,849 
Represented by
Valuation in 1979 - - 120 -  120 
Valuation in 1994 428 900 - -  1,328 
Valuation in 2000 9,246 - - -  9,246 
Cost 411 - 965 30,779 32,155 
10,085 900 1,085 30,779 42,849 
Depreciation
4 November 2001 139 91 467 16,918 17,615 
Charge for the year 114 12 39 2,461 2,626 
Eliminated in respect of
disposals
- -  - (219) (219)
2 November 2002 253 103 506 19,160 20,022 
Net Book Value
2 November 2002 9,832 797 579 11,619 22,827 
3 November 2001 9,946 809 609 10,558 21,922 
Freehold land and buildings were revalued at the existing use value on 28 October 2000 by Baring
Houston & Saunders, Chartered Surveyors.  The valuation was made in accordance with the RICS
appraisal and valuation manual.
The 1994 revaluation was on an open market value basis and is not considered to be materially
different from the October 2000 valuation.
At 2 November 2002, the total value of land not being depreciated is £4,375,167 (2001 £4,375,167).
31 Notes to the financial statements (continued)
8 Tangible fixed assets (continued)
If fixed assets had not been revalued, they would have been included at the following historical cost
amounts:
Group
Freehold  
Land &  
Buildings 
Long  
Leasehold  
Buildings 
Short  
Leasehold  
Buildings 
Plant 
Fixtures & 
Fittings Total  
£000 £000 £000    £000 £000 
Cost 8,693 126 1,028 30,779 40,626 
Accumulated depreciation (470) (29) (459) (19,160) (20,118)
Net Book Value
2 November 2002 8,223 97 569 11,619 20,508 
3 November 2001 8,303 98 597 10,558 19,556 
Company
Freehold  
Land &  
Buildings  
Long  
Leasehold  
Buildings 
Short  
Leasehold  
Buildings 
     Plant  
Fixtures &  
Fittings  Total  
£000 £000 £000     £000 £000 
Cost or valuation
4 November 2001 6,302 900 - 933 8,135 
Disposals - - - (82) (82)
2 November 2002 6,302 900 - 851 8,053 
Represented by
Valuation in 2000 5,544 - - - 5,544 
Cost 758 900 - 851 2,509 
6,302 900 - 851 8,053 
Depreciation
4 November 2001 116 91 - 808 1,015 
Charge for the year 94 12 - 32 138 
Eliminated in respect of disposals - - - (38) (38)
2 November 2002 210 103 - 802 1,115 
Net Book Value
2 November 2002 6,092 797 - 49 6,938 
3 November 2001 6,186 809 - 125 7,120 
32 Notes to the financial statements (continued)
8 Tangible fixed assets (continued)
If fixed assets had not been revalued, they would have been included at the following historical cost
amounts:
Company
Freehold  
Land &  
Buildings 
Long  
Leasehold  
Buildings 
Short  
Leasehold  
Buildings 
     Plant  
Fixtures & 
 Fittings Total  
£000 £000 £000      £000 £000 
Cost 5,461 900 - 851 7,212 
Accumulated depreciation (237) (103) - (802) (1,142)
Net Book Value:
2 November 2002 5,224 797 - 49 6,070 
3 November 2001 5,301 809 - 125 6,235 
Freehold land and buildings were revalued at the existing use value on 28 October 2000 by Baring
Houston & Saunders, Chartered Surveyors.  The valuation was made in accordance with the RICS
appraisal and valuation manual.
At 2 November 2002, the total value of land not being depreciated is £1,588,260 (2001 £1,588,260).
Group Company
2002 2001 2002 2001
£000 £000 £000 £000
Capital commitments
Capital expenditure contracted for but not
provided for in the financial statements 178 45 - - 
Group Company
2002 2001 2002 2001 
£000 £000 £000 £000 
9 Fixed asset investments
Shares in subsidiaries at cost: J E Beale plc - - 1,030 1,030 
                                                  Denners
Limited
- - 4,159 4,159 
Listed on a recognised UK stock exchange 11 5 - - 
Unlisted 17 17 - - 
28 22 5,189 5,189 
Company
At 2 November 2002 the Company held the whole of the issued ordinary share capital of J E Beale
plc (which operates department stores in the UK) and Denners Limited (which is dormant), which
are both incorporated in England and Wales.
33 Notes to the financial statements (continued)
9 Fixed asset investments (continued)
The trade and net assets of Denners Limited were transferred to J E Beale plc in 1999.  As a result
of this transfer, the value of the Company's investment in Denners Limited fell below the book
value.  The Companies Act 1985 would have required the investment loss to have been charged in
the Company's profit and loss account.  However, as there had been no overall loss to the
Company, such accounting would have failed to give a true and fair view, and the apparent loss
was re-allocated to the cost of the investment in J E Beale plc.  The effect of this departure was to
avoid a charge to the holding Company's profit for the 1999 year of £4,075,000, and a
corresponding decrease in the value of investments in the holding Company's balance sheet.  The
consolidated financial statements were not affected by this transfer.
Group
The Group acquired stores in Worthing, Ealing and Tonbridge on 11 March 2002, 18 March 2002
and 16 September 2002 respectively.
Book value Revaluation Fair value 
£000 £000 £000 
Fixed assets
Tangible assets 1,434 (692) 742 
Current assets
Stocks 3,283 - 3,283 
Debtors 201 - 201 
Deferred taxation - 208 208 
Cash 31 - 31 
Total assets 4,949 (484) 4,465 
Liabilities (122) - (122)
Net assets 4,827 (484) 4,343
Goodwill 990 
Purchase consideration settled for
cash and acquisition costs 5,333 
The three acquired stores were part of a larger entity and, accordingly, profit and loss accounts
information for periods prior to their acquisition is not available.
The revaluation adjustments of tangible fixed assets principally relates to IT equipment which was
not usable, together with the related tax effect.
34 Notes to the financial statements (continued)
2002
52 weeks
£000
2001 
53 weeks 
£000 
1
0
Net interest payable and similar charges
Total interest receivable 939 969 
Less interest on customers’ accounts included in turnover (919) (934)
Interest receivable 20 35 
Less interest payable
On bank loans and overdrafts (134) (69)
Other interest payable (41) (10)
Interest payable (175) (79)
Net interest payable (155) (44)
Group Company
2002 2001 2002 2001 
£000 £000 £000 £000 
11 Debtors
Amounts due after one year:
Amounts owed by subsidiary undertakings - - 3,396 3,396 
Trade debtors 126 165 - - 
Pension prepayments (see note 26) 1,892 490 - - 
2,018 655 3,396 3,396 
Amounts due within one year
Trade debtors 6,243 6,162 - - 
Amounts owed by subsidiary undertakings - - 1,753 1,602 
Prepayments and accrued income 1,369 723 22 4 
7,612 6,885 1,775 1,606 
Total debtors 9,630 7,540 5,171 5,002 
Group Company
2002 2001 2002 2001 
£000 £000 £000 £000 
12 Creditors
Amounts falling due within one year
Bank overdraft 9,900 3,579 - - 
Bank loan 7,000 1,750 7,000 1,750 
Trade creditors 7,572 5,237 - - 
Dividends 851 789 851 789 
Corporation tax        78 719       120 177 
Other taxation and social security 141 462 - - 
Accruals and deferred income 3,191 2,891 202 208 
28,733 15,427 8,173 2,924 
35 Notes to the financial statements (continued)
Group Company
2002 2001 2002 2001 
13 Creditors £000 £000 £000 £000 
Amounts falling due after more than one
year
Variable loan repayable in 2006 500 - 500 - 
Analysis of borrowing:
Bank loan due between one and five
years
500 - 500 - 
Deferred
taxation
Pension
commitments   Total 
£000 £000    £000 
14 Provisions for liabilities and charges
Group
4 November 2001 996 - 996 
Charge for the period 538 - 538 
Acquisition of businesses (208) - (208)
2 November 2002 1,326 - 1326 
Company
4 November 2001 5        140 145 
Charge for the period (12)        29         17 
2 November 2002 (7) 169 162 
2002 2001
£000 £000
15 Deferred taxation
Group
Accelerated capital allowances 760 866 
Short-term timing differences (24) (47)
Pension timing differences 568 155 
Property transactions 22 22 
1,326 996 
Company
Accelerated capital allowances 21 14 
Pension timing differences (50) (31)
Property transactions 22 22 
(7) 5 
36 Notes to the financial statements (continued)
2002 2001
Number £000 Number £000 
16 Share capital
Authorised
Ordinary shares of 5p each 24,392,040 1,220 24,392,040 1,220
Allotted
Ordinary shares of 5p each 20,498,838 1,025 20,225,417 1,011 
Share options
Options to subscribe for ordinary shares of 5p outstanding as at 2 November 2002 are shown below.
Options which were granted are exercisable between the third and tenth anniversary of the date of grant.
 Options were not granted at a discount to the prevailing market value of the shares.
Date of grant Exercise price Number of
shares 
JEB 1994 Share Option Scheme 13 July 1995 95.5p 320,000 
JEB 1994 Share Option Scheme 1 July 2002 110.0p 27,272 
Unapproved share option contract 1 July 2002 110.0p 122,728 
In addition, the Company operates Inland Revenue approved Sharesave schemes for employees.  Under
the Sharesave schemes, options are exercisable normally within six months of either the third or fifth
anniversary of the date of grant.  The options set out below were granted on 4 May 1999 at an exercise
price of 80.0p.
Beginning
of  year
Granted
during year
Exercised
during year
Lapsed
during year End of year
3 year scheme 315,479 - 264,719 36,233 14,527
5 year scheme 245,498 - 8,702 14,920 221,876
560,977 - 273,421 51,153 236,403
Share 
Premium
 Account
Capital
Redemption
 Reserve 
Revaluation
Reserve 
Profit 
& Loss 
 Account 
17 Reserves £000 £000 £000 £000 
Group
4 November 2001 216 242 2,366 21,272 
Retained profit for the year - - - 393
Transfer - - (47) 47 
Options exercised 205 - - - 
2 November 2002 421 242 2,319 21,712
Company
4 November 2001 216  54 885 15,871 
Retained profit for the year - - -             99
Transfer - - (17) 17 
Options exercised 205 - - - 
2 November 2002 421 54 868 15,987 
All reserves of the Group relate to equity interests.  Those reserves of the Company that may not be
distributed under Section 264 of the Companies Act 1985 comprise the share premium account, the
capital redemption reserve and the revaluation reserve.
                                                                                                                                                                                   
             Notes to the financial statements (continued)
17 Reserves (continued)
The transfer from the revaluation reserve to the profit and loss account represents the difference
between the depreciation charge for the year based on revalued amounts and the depreciation
charge for the year based on historical cost. 
The cumulative total of goodwill written off against reserves in respect of acquisitions prior to 1
November 1998, when FRS10 "Goodwill and Intangible Assets" was adopted, amounts to £560,000
(2001 £560,000).
2002 
52 weeks 
2001 
53 weeks 
  £000 £000 
18 Reconciliation of operating profit to net cash flow from
operating activities
Operating profit 2,684 3,874 
Decrease in provisions and charges - (340)
Depreciation 2,626 2,292 
Amortisation of goodwill 44 17 
Loss on sale of investment - 4 
(Profit)/loss on disposal of fixed assets (5) 23 
(Increase)/decrease in stocks (1,387) 212 
Increase in debtors (1,432) (678)
Increase in creditors 1,698 32 
Cash inflow from operating activities 4,228 5,436 
2002 
52 weeks 
2001 
53 weeks 
£000 £000 
19 Reconciliation of net cash flow to movement in net debt
Decrease in cash in the period (190) (101)
Cash (inflow)/outflow from (increase)/decrease in
debt
(5,750) 750 
Movement in net debt (5,940) 649 
Net debt at beginning of period (1,423) (2,072)
Net debt at end of period (7,363) (1,423)
38 Notes to the financial statements (continued)
2 November
2002 Cash flow
4 November
2001
£000 £000 £000
20 Analysis of net funds/(debt)
Cash at bank and in hand 10,037 6,131 3,906 
Overdraft (9,900) (6,321) (3,579)
137 (190) 327 
Debt due after one year (500) (500) - 
Debt due within one year (7,000) (5,250) (1,750)
(7,363) (5,940) (1,423)
21 Financial instruments
The Group is financed through a combination of bank loans, a bank overdraft and retained profits. 
Interest on the variable loan accrues at 0.85% above the bank base rate.  Interest on the variable
overdraft accrues at 1% above the bank base rate. 
Nearly all of the Group’s borrowing and cash deposits are denominated in Sterling.  Short term debtors
and creditors which meet the definition of a financial asset or liability under FRS13 "Derivatives and
Other Financial Instruments" have been excluded from the disclosures as permitted by the Standard. 
As at the year end, the Group’s only other financial assets and liabilities are cash balances, debtors
due after more than one year, bank loans and overdrafts.  The book value of these other financial
assets and liabilities approximates their fair value.  The overdraft is repayable on demand. As at the
year end, the Group had a £12 million bank loan facility (£5 million of which is repayable in 2006, £7
million of which is repayable in less than one year) and a £500,000 net overdraft facility, all of which are
unsecured.  The net overdraft facility is a combination of cash balances and overdrafts.
Group Company
2002
£000
   2001
   £000
2002
£000
2001
£000
22 Reconciliations of movements in
shareholders’ funds
Profit for the financial period 1,644 2,530 1,350 1,415 
Dividends (1,251) (1,161) (1,251) (1,161)
Retained profit for the period 393 1,369          
99
254 
Proceeds of share issue 219 4 219 4 
Purchase of own shares - (323) - (323)
Net increase/(decrease) in shareholders’
funds 612 1,050 318 (65)
Opening shareholders’ funds 25,107 24,057 18,037 18,102 
Closing shareholders’ funds 25,719 25,107 18,355 18,037 
The Company’s profit for 2002 includes dividends of £1,250,534 (2001 £1,162,961) receivable from
a subsidiary.
39 Notes to the financial statements (continued)
2002 2001
Land &
Buildings Other
Land &
Building 
s
Other
£000 £000 £000 £000
23 Commitments under operating leases
Group
At 2 November 2002 the Group had
annual commitments under non-
cancellable operating leases as follows:
Expiring within one year - 87 12 19 
Expiring between one and five years - 122 - 75 
Expiring in more than five years 4,194 - 2,440 - 
4,194 209 2,452 94 
Company
At 2 November 2002 the Company had
annual commitments under non-
cancellable operating leases as follows:
Expiring between one and five years - - - - 
The Group’s leases of land and buildings are subject to rent review periods of  between one and
ten years.
2002 2001
24 Directors and employees
The average number of persons (including directors)
employed by the Group during the year was
Full time 653 583 
Part time 807 640 
1,460 1,223 
2002 
 52 weeks
2001 
 53 weeks 
£000 £000 
Staff costs for the above
Wages and salaries 12,879 11,281 
Social security costs 746 651 
Other pension costs (see note 26) 528 401 
14,153 12,333
25 Directors’ remuneration
A detailed analysis of directors’ remuneration is provided in
the Board report on directors’ remuneration on pages 44 to
48
2002 
 52 weeks 
2001 
 53 weeks 
£000 £000 
Aggregate emoluments 477 456 
The highest paid director was T R Rathbone (2001 M C H Mitchell).
40 Notes to the financial statements (continued)
26 Pension commitments
Beales Pension Scheme
The pension cost relating to the final salary section of the scheme is assessed every three years in
accordance with the advice of a qualified actuary using the projected unit method.  The most recent
actuarial valuation, at 6 April 1999, recorded that the scheme had assets of approximately £17,880,000 at
market value, and that a deficit of £774,000 was indicated.  The valuation identified a solvency level of
95.8%.  The valuation assumed an investment return of 5% per annum for  pensioner liabilities and 6.5%
per annum for current active and deferred liabilities, average salary increases of 4.5% per annum compound
and present and future pensions increasing at the rate of 5% per annum in respect of pensions with
guaranteed increases of 5% per annum, and 3% per annum in respect of pensions receiving limited price
indexation.
Following the actuarial valuation on 6 April 1999, contributions by the Group to the Beales Pension Scheme
were increased to a rate of 9.2% of pensionable salaries plus £471,000 per annum from 1 April 2000.  The
resultant pension contributions exceeded the pension charge resulting in a prepayment in the balance
sheet of £1,892,000 (2001 £490,000).
Following a Minimum Funding Requirement valuation obtained by the trustees at 5 April 2001, contributions
by the Group were further increased to 10% of pensionable salaries plus £1,200,000 per annum from 1
December 2001 to 31 March 2007.
Denners Pension Scheme
Denners Limited, which was acquired on 8 March 1999, operated a defined benefit pension scheme for
eligible employees. The Scheme was closed on 30 June 1999.  Denners Limited employees were offered
the opportunity to transfer into the Beales Pension Schemes from 1 July 1999.  Certain employees opted so
to do.
Summary
The pension charge for the year amounted to £528,000 (2001 £401,000) including matched additional
voluntary contributions.
FRS17 “Retirement Benefits”
Whilst the Group continues to account for pension costs in accordance with Statement of Standard
Accounting Practice 24 "Accounting for Pension Costs", under FRS 17 “Retirement Benefits” the following
transitional disclosures are required.,
The valuations at 5 April 1999 for the Beales Pension Scheme and at 1 May 2000 for the Denners Pension
Scheme have been updated by the actuaries on an FRS 17 basis as at 2 November 2002.  The major
assumptions used in both schemes’ valuations were:
Rate of increase in salaries 3.5% (2001  3.5%)
Rate of increase in pensions in payment 2.25%* (2001  2.25%*)
Discount rate 5.5% (2001  5.5%)
Inflation assumption 2.25% (2001  2.25%)
*  Some members of the Beales Pension Scheme are entitled to fixed increases of 5% pa in respect of
benefits accrued prior to April 1997.
The assumptions used by the actuaries are the best estimates chosen from a range of possible actuarial
assumptions which, due to the timescale covered, may not necessarily be borne out in practice.
41 Notes to the financial statements (continued)
26 Pension commitments (continued)
The fair value of the schemes' assets, which are not intended to be realised in the short term and
may be subject to significant change before they are realised, and the present value of the schemes'
liabilities, which are derived from cashflow projections over long periods and thus inherently
uncertain, were:
Long term
rate of
return
expected
2002
Value at
2
November
  2002 
Long term
rate of return
expected
2001
Value at
3
November
2001
£000 £000
Equities 7.5% 9,187 7.5% 11,389 
Bonds 4.7% 7,137 4.7% 5,233 
Other 4.0% 667 4.0% 640 
Property 7.5% 707 7.5% 640 
Annuities 5.5% 767 5.5% 666 
Total market value 18,465 18,568 
Present value of scheme
liabilities
(25,055) (23,888)
Deficit in the schemes (6,590) (5,320)
Related deferred tax asset 1,977 1,596 
Net pension liability (4,613) (3,724)
The amount of this net pension liability would have a consequential effect on the Group’s reserves.
Had FRS17 been adopted in full, the following amounts would have been included in the
financial statements:
2002 2001 
£000 £000 
Net assets
Net assets excluding pension liability 25,719 25,107 
Write off current asset (1,892) (490)
Deferred taxation on asset write off 568 147 
Net pension liability (4,613) (3,724)
Net assets including pension liability 19,782 21,040 
Reserves
Profit and loss reserve excluding pension liability 21,712 21,272 
Write off current asset (1,892) (490)
Deferred taxation on asset write off 568 147 
Net pension liability (4,613) (3,724)
15,775 17,205 
For pension purposes, the Company is a member of the Beales Pension Scheme.  As the Company
is unable to identify its share of the Scheme’s assets and liabilities on a consistent and reasonable
basis, as permitted by FRS17, Retirement Benefits, the Scheme will be accounted for by the
Company when the accounting standard is fully adopted by the Company as if the Scheme was a
defined contribution scheme.
42  Notes to the financial statements (continued)
26 Pension commitments (continued)
2002
£000
Analysis of the amount charged to operating profit
Current service cost 481 
Past service cost - 
Settlements/curtailments 20 
Total operating charge 501 
2002
£000
Analysis of the amount credited to other finance income
Expected return on pension scheme assets 1,201 
Interest on pension scheme liabilities (1,297)
Net return (96)
2002
£000
Analysis of the amount recognised in statement
of total recognised gains and losses (STRGL)
Actual return less expected return on pension scheme assets (2,474)
Experience gains and losses arising on the scheme liabilities 342 
Changes in assumptions underlying the present value of the
scheme liabilities - 
Actuarial loss recognised in STRGL (2,132)
2002
£000
Experience gains and losses
Difference between the expected and actual return on scheme
assets: 2,474 
Percentage of scheme assets at 2 November 2002 13.4%
Experience gains and losses on scheme liabilities: 342 
Percentage of scheme liabilities at 2 November 2002 1.4%
Total actuarial loss recognised in statement of total recognised
gains and losses: 2,132 
Percentage of scheme liabilities at 2 November 2002 8.5%
2002
£000
Movement in deficit during the year
Deficit in schemes at beginning of the year (5,320)
Movement in year:
Current service costs (481)
Contributions 1,459 
Other finance income (96)
Actuarial loss (2,132)
Settlements/curtailments (20)
Deficit in schemes at end of the year (6,590)
43 Board report on directors’ remuneration
General
The remuneration committee comprises Alison H Richards (chairman) and J M H Sexton, both of whom are
independent non-executive directors of the Company, and who have no personal or financial interest in the
matters decided.  Other directors attend by invitation when appropriate.  The remuneration of the non-executive
directors is fixed by the Board as a whole.
The committee seeks to ensure that executive directors receive a remuneration package sufficient to recruit,
retain and motivate persons of the right calibre.
The remuneration committee makes recommendations to the Board, within agreed terms of reference, on the
Company’s framework of executive remuneration and its cost; and determines a specific remuneration and
benefit package for each executive director.
(i) Salary and benefits
Executive directors’ salaries are reviewed annually on 1 April with regard to levels of remuneration and
performance relative to comparable companies within the department store/retail sector, growth in returns
to shareholders through earnings per share and capital growth and the contribution of the individual
director.  In addition, the committee considers average staff pay increases and the provision in directors’
service contracts for a minimum increase of 50% of the increase in the retail price index.
Benefits for the year provided were a fully funded Company car, permanent health insurance and
discount on merchandise purchased in the stores.
(ii) Bonus
The executive directors participate under the terms of a bonus scheme where the bonus is only payable if
a profit before tax target set by the remuneration committee is achieved.  In exceptional circumstances, it
may be necessary to guarantee a bonus in order to recruit a director.  If executive directors qualify for a
bonus, the level of payment would be based on the percentage annual increase in Group profitability
and, where appropriate, the achievement of specific objectives laid down by the committee.
(iii) Share options under the JEB 1994 Share Option Scheme
Certain directors have been granted options under the JEB 1994 Share Option Scheme.  The options
were not granted at a discount and were subject to performance criteria as noted on page 47.
The committee aims to ensure that any future long-term incentive schemes are designed to promote
Company and shareholder interests and to align the interests of directors and shareholders.
(iv) Share options granted in 2002 and to be granted in 2003
On 1 July 2002, Beale PLC granted A M Allkins, who was appointed a director on 1 June 2002, an option
to subscribe for 27,272 ordinary shares in Beale PLC at an exercise price of 110p pursuant to the JEB
1994 Share Option Scheme.  Subject to the attainment of performance targets, the option is exercisable
between the third and tenth anniversary of grant.
In addition, A M Allkins was granted an option over 122,728 ordinary shares in Beale PLC at an exercise
price of 110p under an unapproved share option contract between EFG Reads Trustees Limited, as
trustee of the Beales Employees’ Share Trust, and A M Allkins.  Subject to the attainment of performance
targets, the option is exercisable between the third and tenth anniversary of grant.  The trustees will, in
due course, acquire shares purchased in the market to satisfy the option when exercised.
On 1 June 2003, the directors will grant A M Allkins an option to subscribe to £30,000 worth of Beale PLC
ordinary shares at an exercise price based on the average of the middle market quotations for an
ordinary share as derived from the London Stock Exchange daily official list for the previous three days,
pursuant to the JEB 1994 Share Option Scheme.  Subject to the attainment of performance targets, the
option is exercisable between the third and tenth anniversaries of grant.
44 Board report on directors’ remuneration (continued)
In addition, the directors will grant A M Allkins options over such a number of shares as is equal to the
difference between 140,000 and the number of shares over which options are granted under the JEB
1994 Share Option Scheme above on 1 June 2003, over ordinary shares in Beale PLC at an exercise
price based on the average of the middle market quotations for an ordinary share as derived London
Stock Exchange daily official list for the previous three days under an unapproved share option contract
between EFG Reads Trustees Limited, as trustee of the Beale Employees’ Share Trust, and A M Allkins. 
Subject to the attainment of performance targets, the option is exercisable between the third and tenth
anniversary of grant. 
The above option grants were part of A M Allkins’ initial recruitment package and, pursuant to 13.13 of
the Listing Rules, no formal shareholder approval is required.
Should the 1 June 2003 be in the close period, the options will be granted on the first working day
outside the close period.
(v) Sharesave schemes
These schemes were adopted at the annual general meeting in March 1999.  On 4 May 1999, options
were granted to eligible employees at a 20% discount to the market price.
(vi) Pension benefits
The executive directors, T R Rathbone, A K Owst and M C H Mitchell (resigned 23 July 2002), were non-
contributory members of the final salary section of the Group’s occupational pension scheme, which is
approved by the Inland Revenue.  Bonus payments and benefits in kind are not pensionable.
The scheme provides for enhanced benefits for executive directors, namely a normal retirement age of
60, an accrual rate of 1/45 final salary for each year of service, life assurance cover of four times
pensionable salary plus a spouse’s pension following death in service, a spouse’s pension after
retirement and a pension on early retirement due to ill health of 2/3 final salary.  Spouses’ pensions of
one half of directors’ pensions are payable on death after retirement.
Under the terms of M C H Mitchell’s contract, he could retire at any time after he reached the age of 53,
on 30 April 2002, without application of an early retirement factor but only on the years of service accrued
to the date of retirement.
Age at
year end
Increase in
accrued
pension in the
year
£
Accumulated total
accrued pension as at
2 November 2002
£
A K Owst 46  1,900 14,500
T R Rathbone 50  2,400 35,100
M C H Mitchell
(see note 3)
53 10,000 56,100
Notes:
1. The accrued entitlement shown is that which would be paid annually on retirement based on
service to the end of the year and excludes any revaluation which would apply for the period
up to retirement if the director had withdrawn from the scheme at the end of the year.
2. The increase in accrued pension during the year excludes price inflation.
3. M C H Mitchell resigned on 23 July 2002.  His accrued entitlement is shown as at retirement.
N D Jones was a contributory member of the defined contribution section and, during the year, the
Company contributed £3,180 on his behalf.  The Company contributed £5,335 to A M Allkins’ personal
pension scheme.
45 Board report on directors’ remuneration (continued)
(vii) Service contracts
The committee has noted the requirements of the Combined Code to reduce notice periods to a
maximum of one year and this is the Group’s current policy in relation to appointments from April 2000.   It
is of the view that it is inappropriate to change rolling two-year contracts for existing executive directors
appointed prior to the introduction of the Code.
The remuneration committee has considered it inappropriate to quantify damages payable in the event of
service contracts being terminated.  It concluded that this would only be beneficial if termination followed
a change in control of the Company and, in such an event, up to two years’ salary has been agreed as
an appropriate estimate.
(viii) Non-executive directors
The fees are set annually on 1 January by the Board as a whole and, apart from expenses incurred in
pursuit of their duties and normal staff discount arrangements, the non-executive directors do not receive
any other benefit.  The non-executive directors have been appointed on a fixed term three-year contract,
terminable on three months’ notice by either party.
 (ix) Related party transactions
No director had a material interest in a contract, other than a service contract, with the Company or its
subsidiaries during the year.
 (x) Directors’ emoluments
Salary 
£000 
Benefits
£000 
Fees 
£000 
Bonus 
£000 
2002 
 Total 
£000 
2001 
Total 
£000 
Executive
A M Allkins  * 61 6 - 8 75 - 
N D Jones 64 11 - - 75 66 
M C H Mitchell * 68 8 - - 76 121 
A K Owst 76 10 - - 86 94 
T R Rathbone 76 11 - - 87 98 
Non-executive
N B E Beale - - 30 - 30 30 
A H Richards - - 16 - 16 16 
J M H Sexton - - 32 - 32 31 
Total 345 46 78 8 477 456 
* part year
46 Board report on directors’ remuneration (continued)
(xi) Directors’ interests
Details of directors’ beneficial interests, according to the register kept for the purpose, in the share
capital of the Company are shown below.  No director held any beneficial interest in the shares of any
subsidiary undertaking.
2002 
Ordinary shares of 5p
2001 
Ordinary shares of  5p
A M Allkins 1,000 - 
N B E Beale 819,140 819,140 
N D Jones 2,500 500 
A K Owst 42,400 42,400 
T R Rathbone 57,368 57,368 
A H Richards 5,000 1,000 
J M H Sexton 34,000 34,000 
As at the year end, no director had any non-beneficial interest in the Company’s shares.
There was no change to the above holdings during the period from 3 November 2002 to 24 January
2003.
(xii) Share option plans
The Company operates three share option plans. 
In relation to the JEB 1994 Share Option Scheme, options which were granted in 1995 were subject to
performance related conditions set by the remuneration committee which have already been fulfilled.  The
options were not granted at a discount.
Options granted on 1 July 2002 to A M Allkins are exercisable from 1 July 2005 to 1 July 2012.
Options granted on 1 July 2002 are subject to performance related conditions set by the remuneration
committee, and are exercisable only following growth in earnings per share over a three year period in
excess of the retail price index, subject to adjustments for exceptional and extraordinary items.  The
options were not granted at a discount.
The Sharesave schemes enabled all eligible employees, including directors, to acquire options over
ordinary shares at a discount of up to 20% of their market price using the proceeds of a related save as
you earn contract.
In relation to the unapproved share option scheme, see note (iv) above.
47 Board report on directors’ remuneration (continued)
(xii) Share option plans (continued)
Options
held
3.11.01
Granted
1.07.02
Exercised
during
the year
Options
held
2.11.02
Exercise
price
Date from
which
exercisable
Expiry
date
A M Allkins - 
- 
27,272
122,728
      -
-
27,272*
122,728
o
110.0p
110.0p
1. 7.2005
1. 7.2005
1. 7.2012
1. 7.2012
N B E Beale 59,074 -      - 59,074* 95.5p 13. 7.1998 13. 
7.2005
A K Owst 123,800
14,343
-
-
      -
-
123,800
*
14,343#
95.5p
80.0p
13. 7.1998
01. 6.2004
13. 
7.2005
30.11.200
4
T R
Rathbone
61,500
14,343
-
-
      -
-
61,500*
14,343#
95.5p
80.0p
13. 7.1998
01. 6.2004
13. 
7.2005
30.11.200
4
* Approved share option scheme.
# Sharesave scheme.
o
Unapproved share option scheme
The market price of the Company’s shares at 2 November 2002 was 97.5p (3 November 2001 116.5p)
and the range during the year was  92.5p to 142.5p.
There was no change to the above holdings during the period from 3 November 2002 to 24 January
2003. 48 Notice of annual general meeting
Notice is hereby given that the annual general meeting of BEALE PLC will be held at the Haven Hotel,
Sandbanks, Poole, on Thursday 20 March 2003 at 3.00 pm for the transaction of the following business:
Ordinary business
1. To receive the financial statements and reports of the directors and auditors for the 52 weeks ended
2 November 2002.
2. To declare a dividend.
3. To elect A M Allkins as a director.
4. To re-elect A K Owst as a director.
5. To re-elect J M H Sexton as a director.
6. To re-appoint KPMG Audit Plc as auditors.
7. To authorise the directors to determine the auditors’ remuneration.
Special business
To consider, and if thought fit, pass the following ordinary resolution.
8. That the directors be hereby generally and unconditionally authorised pursuant to Section 80 of the
Companies Act 1985 (the “Act”) to exercise all the powers of the Company to allot relevant securities (as
defined in Section 80(2) of the Act) subject to the following conditions:-
(i) the authority hereby conferred shall (unless previously revoked or renewed by the Company in
general meeting) expire on 20 March 2008 (being not more than five years from the date on
which this resolution is passed) save that the Company may before such expiry make an offer or
agreement which would or might require relevant securities to be allotted after such expiry and the
directors may allot relevant securities in pursuance of such offer or agreement as if the authority
conferred hereby had not expired; and
(ii) the authority hereby conferred shall extent to the whole of the unissued nominal capital of the
Company immediately before the passing of this resolution being the aggregate nominal amount
of £194,660.
By order of the Board
Christopher R Varley  BSc  FCA
Secretary
14 February 2003
Bournemouth
Notes:
(i) A member entitled to attend and vote at this meeting may appoint one or more proxies to attend
and, on a poll, vote instead of him or her.  A proxy need not be a member of the Company.
(ii) Forms of proxy to be valid should be completed and returned (together with the power of attorney
or other authority, if any, under which they are signed or a notarially certified copy of such power
or authority) so as to reach the office of the Company’s registrars not later than 48 hours before
the time fixed for the meeting.  Completion of a form of proxy does not preclude a member from
subsequently attending and voting in person.
(iii) The directors' service agreements are available for inspection at the Company's registered office
during normal office hours until the day of the annual general meeting, when they will be available
at the Haven Hotel, Sandbanks, Poole from fifteen minutes prior to the meeting until its
conclusion.
49 Corporate information
Registered office The Granville Chambers, 21 Richmond Hill, Bournemouth BH2 6BJ
telephone 01202 552022, facsimile 01202 317286, www.beales.co.uk
Secretary Christopher R Varley BSc FCA
Auditors KPMG Audit Plc, Southampton
Bankers HSBC Bank plc, Bournemouth
Stockbrokers Rowan Dartington & Company Limited, Bristol
Property advisors Baring, Houston & Saunders, London
Registrars Capita IRG plc, Ilford
Shareholder information
Shareholder discount
The Company operates a discount scheme through the Group's card account.  This entitles shareholders with
2,500 or more shares to a discount of 10% on purchases of up to £5,000 in the stores in the financial year to 1
November 2003.  The scheme is reviewed annually.
50   Group five year record
2002 
£000 
53 weeks
   2001
   £000
2000 
£000 
1999 
£000 
1998
£000
Turnover 88,637 78,046 75,057 68,230 63,875 
Profit before exceptional items 2,517 3,766 3,463 2,714 4,136 
Property disposal/business rates
rebates
12 64 44 1,494 51 
Profit on ordinary activities before
taxation
2,529 3,830 3,507 4,208 4,187 
Taxation (885) (1,300) (1,152) (1,123) (1,340)
Profit after taxation 1,644 2,530 2,355 3,085 2,847 
Dividends (1,251) (1,161) (1,080) (1,067) (1,037)
Retained profit for the year 393 1,369 1,275 2,018 1,810 
Fixed assets
Goodwill 1,242 296 313 330 - 
Tangible assets 22,827 21,922 21,824 19,114 15,937 
Investments 28 22 31 40 24 
Cash balance 10,037 3,906 4,448 1,894 3,164 
Other current assets 22,144 15,384 15,043 17,300 14,751 
Current liabilities (28,733) (15,427) (13,997) (13,006) (10,369)
Non-current liabilities (1,826) (996) (3,605) (3,919) (3,772)
Net assets 25,719 25,107 24,057 21,753 19,735 
Capital employed
Share capital 1,025 1,011 1,027 1,058 1,058 
Reserves 24,694 24,096 23,030 20,695 18,677 
Total shareholders' funds 25,719 25,107 24,057 21,753 19,735 
Earnings per share    8.11p 12.39p 11.25p 14.58p 13.46p
Dividends per share    6.10p 5.75p 5.30p 5.05p 4.90p
Return on shareholders’ funds 6.47% 10.29% 10.28% 14.87% 15.14%
Until 30 October 1999, the Group accounted for promotional discounts as an administrative expense.  With effect
from 31 October 1999, promotional discounts have been deducted from turnover.  Turnover for previous years
has been reclassified accordingly.
51 Financial calendar
Qualifying date for the final dividend 28 February 2003
Annual general meeting 20 March 2003
Final dividend payable 7 April 2003
Announcement of interim results for the six months to 3 May 2003 July 2003
Interim dividend payable 1 October 2003
End of financial year (52 weeks) 1 November 2003
Announcement of results for the 52 weeks to 1 November 2003 January 2004
52
    Beales, 26 Silver Street, Bedford MK40 1PE   tel: 01234 353292
Whitakers, 79-87 Deansgate, Bolton BL1 1HE   tel: 01204 521111
Beales, 36 Old Christchurch Road, Bournemouth BH1 1LJ   tel: 01202 552022
Beales, Ealing Broadway Centre, The Grove, Ealing, London W5 5JY   tel: 020 8567 3040
Beales, 35-53 Finkle Street, Kendal LA9 4AL   tel: 01539 720404
Beales, Dolphin Centre, Poole BH15 1SQ   tel: 01202 675721
Broadbents & Boothroyds, 295-307 Lord Street, Southport PR8 1NY   tel: 01704 535177
Beales, Angel Centre, Angel Lane, Tonbridge, TN9 1SF   tel: 01732 771177
Beales, The Centre, Walton-on-Thames KT12 1QH   tel: 01932 240106
Beales, The Brooks, Winchester SO23 8TL   tel: 01962 844749
Beales. South Street, Worthing, BN11 3AN   tel: 01903 231801
Denners, 25 High Street, Yeovil BA20 1RU   tel: 01935 444444 Registered office
The Granville Chambers, 21 Richmond Hill, Bournemouth BH2 6BJ
tel:  01202 552022
fax: 01202 317286
www.beales.co.uk