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REGISTERED NUMBER: 10850530 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

LUCY AND YAK LTD

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 7

Report of the Independent Auditor 9

Income Statement 13

Other Comprehensive Income 14

Balance Sheet 15

Statement of Changes in Equity 17

Cash Flow Statement 18

Notes to the Cash Flow Statement 19

Notes to the Financial Statements 21


LUCY AND YAK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: C J Renwick
L Greenwood
F Meek
L Coley



SECRETARY: V Rowan



REGISTERED OFFICE: Junction 36
Unit 3, Newton Road
Hoyland
Barnsley
S74 0FP



REGISTERED NUMBER: 10850530 (England and Wales)



SENIOR STATUTORY AUDITOR: Robert Watson FCA



AUDITOR: Xeinadin Audit Limited
8th Floor, Beckett House
36 Old Jewry
London
EC2R 8DD

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their strategic report for the year ended 31 July 2024.

PRINCIPAL ACTIVITIES
Founded in 2017, Lucy and Yak is a lifestyle apparel, homeware and accessories brand famous for organic, recycled, sustainable and deadstock products, vibrant prints, its distinctive personality and engaged community.

Our mission is to create pieces that inspire joy and creativity and are kinder to the planet. To treat the makers fairly and have a happy team that love what they do.
Also in 2023, the Company engaged Greenly, a carbon accounting and management platform, to support its programme to measure, manage, and reduce its CO2 emissions. The Company will share the full year 2022-23 Green House Gas report once it is available.

The Company is also a member of Ecologi, a collaboration supporting climate projects benefitting the planet, biodiversity and local communities.

Continuing the Company's retail outlets opening programme has meant that the Company could expand its Re:Yak scheme. Customers can bring back any items of Lucy and Yak Pre:Loved product they no longer need, in exchange for a discount against their next purchase. This scheme was nominated for a Drapers Sustainable Fashion Award at the 2024 event.

The Company subscribes to Sedex, working with them to ensure it continues to operate responsibly, sustainably, protect workers and source ethically. All the Company's suppliers are Sedex members.

The Company is committed to promoting equality within the workforce, creating an inclusive environment that truly connects with our employees, communities and customers. We strive to maintain workplaces free from prejudice, racism, harassment, bullying and all other forms of marginalisation. The Board meets monthly to address any matters that have been raised across all channels. The Company does not have a gender pay gap and was ranked 86th in J.P. Morgan's top 200 Women Powered Businesses in 2024.

The Company is an accredited 'Real Living Wage' employer, ensuring all our employees are paid fairly and according to the Real Living Wage Foundation's guidance.

Our community are our models, our influencers and our biggest fans. We create highly engaging content and reshare user generated content to bring them into our world. Our social channels now have over 1,000,000 followers.

After visiting Fior Di Loto, a charitable foundation in Northwest India, the Company's founders decided to contribute to their efforts to give girls in the region a vital education. Since 2018, the Company has donated a proportion of profits from 'doing Black Friday differently' to support the charity's work providing an education, improving living conditions, post education support as well as projects as part of International Women's Day. The Company is committed to continuing to support the Fior di Loto school, donating a total of £209,125 to date. The Company has also supported other charities through the year that align with the Company's mission.


LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

REVIEW OF THE BUSINESS
Sales are mainly generated from the Company's own website, with growth seen in all territories in the last financial year.

In order to support future growth, the Company has continued to invest heavily in its infrastructure, including a head office restructure resulting in the creation of 16 new Head Office appointments, marketing investments, new retail stores and a new Brighton office.

In the year, the business generated underlying EBITDA (earnings before interest, tax, depreciation and amortisation) of £2.39 million.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors have set out below the principal risks facing the business, together with the Company's plan to monitor and mitigate these risks. The risks and uncertainties described below are not exhaustive and there may be additional risks currently not known to the Directors or which the Directors believe to be less material, which may have an adverse effect on the Company.

Strategic risk

Brand and reputational risk:

The strength of the Lucy and Yak brand and its reputation are fundamental to the business.

There is a risk of damage to the brand by either internal action, the actions of external business partners, which includes unethical behaviour by suppliers, particularly around human rights, labour and working conditions, modern slavery, cyber security breaches, the environment and climate change.

The Company has a proactive approach to social media monitoring. The Brand's followers are extremely important to the Company and its Brand Marketing and Customer Happiness teams actively engage with them to ensure any issues that are raised are responded to with understanding and in a timely manner.

All suppliers sign and agree to abide by the Company's supplier agreement which includes the ethical code of conduct. All suppliers are members of Sedex and the SMETA audit is followed up by a Lucy and Yak Ltd verification audit.

The Company has a sustainable exit plan in place in the event that a supplier is not able to meet the required standards of fairness, sustainable practices, quality, timeliness and accuracy required.

The Company has in place cyber security protocols and ensures that appropriate insurance is held in respect of key business areas.

The Company principally operates from its own website. The Company continually invests in website functionalities in order to provide the best experience for its customers.



LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Trading environment

Geopolitical and/or pandemic:

Risk to supply, demand and operational processes as a result of geopolitical disruption such as, conflict in the Middle East, the Russian invasion of Ukraine and ongoing tensions between the USA and China.

Risk of a localised and/or global pandemic remains.

The Company's suppliers are currently mainly based in India and the supplier sourcing policy seeks to create flexibility in the supply chain to reduce exposure to geopolitical events.

Since 85% of the Company's turnover is generated online it has demonstrated that it can continue to trade through a pandemic.

Economy:

The business operates mainly in the UK, US and the EU. A deterioration in the economic environment in any of these markets could result in a downturn in consumer expenditure, which has the potential to affect the financial position of the Company.

The planning process takes account of the predicted state of the economic environment.

The Company also manages this risk by supplying a diverse product range that meets our customer's expectations of quality, fairness and a unique customer service experience.

Changing fashion/retail trends:

The Company's success depends on it designing products that its customers want to buy.

The range is built and bought with the design elements that the Company's core customers love, and new customers are looking for.

Loss of a key supplier:

It is critical that a robust, flexible and cost-effective supply base meets the Company's requirements for fairness, sustainable practices, quality, timeliness and accuracy.

If the Company does not manage its supply base effectively, or other environmental factors occur, product volume, delivery and quality issues could arise with the associated reputational damage within its customer base.

The business closely monitors its relationships with its long-standing supply chain partners to ensure they are adhering to expected standards of fairness, sustainability, quality and OTIF targets.


LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

The Company is developing supplier relationships in new and existing locations to avoid over reliance on individual suppliers, factories and countries.

Currency risk:

The Company sells to a number of countries where customers can use foreign currency to complete purchases.

All invoices are in Sterling. Any currency payments are converted into Sterling by our digital provider. All our stock purchases are invoiced in Sterling.

Liquidity:

The Company finances its activities from generating operational profits. Its principal financial asset is cash.

Cash flow is forecasted regularly and reviewed by the Board to ensure sufficient funding. The Company had access to a credit facility facilitated by HSBC.

Intellectual property

Breach of intellectual property and counterfeit product:

The retail clothing industry and distinctive brands such as Lucy and Yak, are continually a target for counterfeit operations. Copied Lucy and Yak products damage brand integrity and potentially future income.

The Company must not infringe the copyright of goods by other companies. Failure to protect this area could lead to costly legal proceedings and brand damage.

The Company specifically prohibits suppliers from producing or selling its products to other parties. The Company monitors the retail environment for sales of counterfeit Lucy and Yak products and robustly defends its rights where such instances are identified.

The Company actively monitors and assesses its designs to ensure that it does not infringe the copyright of others.


LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

STRATEGY FOR FUTURE GROWTH
The Company has developed strategies to make their inclusive, creative, comfortable and sustainable products accessible to everyone.

1. Re:Yak programme: we encourage our community to keep their Yaks in circulation for longer. This financial year the Re:Yak programme will be extended to accept Pre:Loved items through the website opening the buy back scheme to all our customers not just those who can visit a retail store. We have a Re:Yak repairs and customisation studio who ensure that, where possible, every garment returned under the scheme is made available for re-sale.

2. Channel diversification: the Company has mainly traded from its own website. The Company opened 3 new stores, including an Outlet in this financial year with plans to continue investment in retail locations. A physical presence on the high street means the Company can improve customer access to its Re:Yak programme.

3. Product expansion: the Company is expanding its product range to offer new and existing customers access to sustainable apparel, homeware and accessories in designs that stand the test of time and can be worn again and again for many occasions.

4. Community: Brand reputation is at the heart of the business success, so we seek constant feedback and engagement from our customer base. We also facilitate our buy and sell Facebook marketplace and, this financial year we will extend the benefits in our VIP customer programme.

ON BEHALF OF THE BOARD:





F Meek - Director


23 January 2025

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024

The directors present their report with the financial statements of the company for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the retail sale of clothing, homeware and accessories.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2024 will be £459,865.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

L Greenwood
F Meek
L Coley

Other changes in directors holding office are as follows:

C J Renwick - appointed 30 January 2024
D Robinson - resigned 13 February 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


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 auditor is 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 auditor is aware of that information.

ON BEHALF OF THE BOARD:





F Meek - Director


23 January 2025

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
LUCY AND YAK LTD

Opinion
We have audited the financial statements of Lucy and Yak Ltd (the 'company') for the year ended 31 July 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 July 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor 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.

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
LUCY AND YAK LTD


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditor 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 Report of the Directors.

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 Statement of Directors' Responsibilities set out on page seven, 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.

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
LUCY AND YAK LTD


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 a Report of the Auditor that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We design audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditor.

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF
LUCY AND YAK LTD


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 a Report of the Auditor 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.




Robert Watson FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
8th Floor, Beckett House
36 Old Jewry
London
EC2R 8DD

23 January 2025

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

31.7.24 31.7.23
Notes £    £    £    £   

TURNOVER 3 33,267,655 25,828,318

Cost of sales 13,075,042 9,753,948
GROSS PROFIT 20,192,613 16,074,370

Distribution costs 6,008,832 4,775,591
Administrative expenses 12,079,990 9,707,479
18,088,822 14,483,070
2,103,791 1,591,300

Other operating income 33,273 -
OPERATING PROFIT 5 2,137,064 1,591,300

Interest receivable and similar income 33,328 12,922
2,170,392 1,604,222

Interest payable and similar expenses 6 131,378 2,653
PROFIT BEFORE TAXATION 2,039,014 1,601,569

Tax on profit 7 446,331 200,175
PROFIT FOR THE FINANCIAL YEAR 1,592,683 1,401,394

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

31.7.24 31.7.23
Notes £    £   

PROFIT FOR THE YEAR 1,592,683 1,401,394


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,592,683

1,401,394

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

BALANCE SHEET
31 JULY 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 1,836,877 1,407,707
Investments 11 78 78
1,836,955 1,407,785

CURRENT ASSETS
Stocks 12 7,131,567 5,798,127
Debtors 13 2,067,773 1,465,092
Cash at bank and in hand 3,683,057 4,173,382
12,882,397 11,436,601
CREDITORS
Amounts falling due within one year 14 4,706,649 3,945,324
NET CURRENT ASSETS 8,175,748 7,491,277
TOTAL ASSETS LESS CURRENT LIABILITIES 10,012,703 8,899,062

CREDITORS
Amounts falling due after more than one
year

15

(10,000

)

(30,634

)

PROVISIONS FOR LIABILITIES 20 (94,796 ) (93,339 )
NET ASSETS 9,907,907 8,775,089

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

BALANCE SHEET - continued
31 JULY 2024

31.7.24 31.7.23
Notes £    £    £    £   

CAPITAL AND RESERVES
Called up share capital 21 100 100
Retained earnings 22 9,907,807 8,774,989
SHAREHOLDERS' FUNDS 9,907,907 8,775,089

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:




C J Renwick - Director F Meek - Director




L Coley - Director


LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 August 2022 100 7,459,384 7,459,484

Changes in equity
Dividends - (85,789 ) (85,789 )
Total comprehensive income - 1,401,394 1,401,394
Balance at 31 July 2023 100 8,774,989 8,775,089

Changes in equity
Dividends - (459,865 ) (459,865 )
Total comprehensive income - 1,592,683 1,592,683
Balance at 31 July 2024 100 9,907,807 9,907,907

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

31.7.24 31.7.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 328,393 800,728
Interest paid (131,378 ) (886 )
Interest element of hire purchase
payments paid

-

(1,767

)
Tax paid (48,620 ) (632,890 )
Net cash from operating activities 148,395 165,185

Cash flows from investing activities
Purchase of tangible fixed assets (727,486 ) (1,311,307 )
Purchase of fixed asset investments - (78 )
Sale of tangible fixed assets 11,478 11,177
Interest received 33,328 12,922
Net cash from investing activities (682,680 ) (1,287,286 )

Cash flows from financing activities
New loans in year (1,212,795 ) -
Loan repayments in year 1,689,672 (10,000 )
New bank financing in the year - 1,192,795
Capital repayments in year (17,834 ) (7,764 )
Amount introduced by directors 170,000 80,001
Amount withdrawn by directors (125,218 ) (199,258 )
Intercompany loans - 78
Equity dividends paid (459,865 ) (85,789 )
Net cash from financing activities 43,960 970,063

Decrease in cash and cash equivalents (490,325 ) (152,038 )
Cash and cash equivalents at beginning
of year

2

4,173,382

4,325,420

Cash and cash equivalents at end of
year

2

3,683,057

4,173,382

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.7.24 31.7.23
£    £   
Profit before taxation 2,039,014 1,601,569
Depreciation charges 268,676 105,549
Loss on disposal of fixed assets 18,162 34,761
Finance costs 131,378 2,653
Finance income (33,328 ) (12,922 )
2,423,902 1,731,610
Increase in stocks (1,333,440 ) (1,875,380 )
Increase in trade and other debtors (611,599 ) (427,026 )
(Decrease)/increase in trade and other creditors (150,470 ) 1,371,524
Cash generated from operations 328,393 800,728

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 July 2024
31.7.24 1.8.23
£    £   
Cash and cash equivalents 3,683,057 4,173,382
Year ended 31 July 2023
31.7.23 1.8.22
£    £   
Cash and cash equivalents 4,173,382 4,325,420


LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JULY 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank and in hand 4,173,382 (490,325 ) 3,683,057
4,173,382 (490,325 ) 3,683,057
Debt
Finance leases (17,834 ) 17,834 -
Debts falling due within 1 year (1,202,795 ) (486,877 ) (1,689,672 )
Debts falling due after 1 year (20,000 ) 10,000 (10,000 )
(1,240,629 ) (459,043 ) (1,699,672 )
Total 2,932,753 (949,368 ) 1,983,385

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Lucy and Yak Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
No significant judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Changes in accounting policies
During the current financial year, the company has changed its accounting policy regarding the presentation of turnover. Turnover is now reported net of discounts, whereas in previous periods it was presented excluding discounts.

This change has been made to provide a more accurate representation of the company's revenue and to align with common industry practices. The impact of this change has been reflected in the financial statements for the current year, and comparative figures for the previous year have been restated accordingly.

The effect of this change on the financial statements is as follows:

Turnover for the previous year: £26,849,102
Turnover for the previous year (restated): £25,828,318

The directors believe that this presentation provides a clearer view of the company's performance and enhances the usefulness of the financial statements for users.

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and discounts.

Turnover from retail sales is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, they are measured at cost less any accumulated amortisation and accumulated impairment losses.

Goodwill, which represents the amount paid in connection with the acquisition of the business in 2017, was amortised evenly over its estimated useful life of five years. The goodwill is now fully amortised, and the annual charges have ceased.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Computer equipment- 33% reducing balance
Fixtures and fittings- 20% reducing balance
Plant and machinery- 25% reducing balance
Motor vehicles- 25% reducing balance
Website development- straight line over 3 years
Leasehold property improvements- straight line over 5-10 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock.

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified, and accounted for, according to the substance of the contractual arrangement either as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their net book value. The capital element of the future lease payments is treated as a liability and the interest is applied monthly at variable rates and is released to the profit and loss account.

Rentals paid under operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged to the profit and loss account on a straight line basis over the period of the lease.

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

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 profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.7.24 31.7.23
£    £   
United Kingdom 24,294,479 18,975,159
United States of America 4,492,290 3,727,303
Germany 770,648 469,762
Ireland 641,673 330,366
Australia 620,434 632,297
France 434,718 275,909
Canada 407,993 334,023
Netherlands 379,472 236,093
Rest of the World 1,225,948 847,406
33,267,655 25,828,318

4. EMPLOYEES AND DIRECTORS
31.7.24 31.7.23
£    £   
Wages and salaries 4,507,335 3,523,040
Social security costs 397,034 314,195
Other pension costs 86,582 68,827
4,990,951 3,906,062

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.7.24 31.7.23

Directors 4 5
Management 50 6
Operations and support staff 138 139
192 150

31.7.24 31.7.23
£    £   
Directors' remuneration 273,202 247,635
Directors' pension contributions to money purchase schemes 2,514 2,484

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
31.7.24 31.7.23
£    £   
Emoluments etc 119,968 88,333
Pension contributions to money purchase schemes 1,321 1,321

5. OPERATING PROFIT

The operating profit is stated after charging:

31.7.24 31.7.23
£    £   
Other operating leases 64,097 32,524
Depreciation - owned assets 268,676 103,880
Depreciation - assets on hire purchase contracts - 5,934
Loss on disposal of fixed assets 18,162 34,761
Auditors' remuneration 24,000 14,000

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.7.24 31.7.23
£    £   
Bank loan interest 131,378 886
Hire purchase interest - 1,767
131,378 2,653

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.7.24 31.7.23
£    £   
Current tax:
UK corporation tax 444,874 145,910

Deferred tax 1,457 54,265
Tax on profit 446,331 200,175

UK corporation tax has been charged at 25% (2023 - 21.01%).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.7.24 31.7.23
£    £   
Profit before tax 2,039,014 1,601,569
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 21.005%)

509,754

336,410

Effects of:
Expenses not deductible for tax purposes - 55
Capital allowances in excess of depreciation (63,303 ) (192,863 )
Loss (Profit) on disposal of assets 4,541 7,302
Deferred taxation movement 1,457 54,265
Revenue expenditure allowable for tax (6,118 ) (4,994 )
Total tax charge 446,331 200,175

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

7. TAXATION - continued

UK corporation tax was charged at 19% up to 31 March 2023 and 25% from 1 April 2023.

8. DIVIDENDS
31.7.24 31.7.23
£    £   
Ordinary A shares of 1p each
Interim 117,591 40,000
Ordinary B shares of 1p each
Interim 335,000 40,000
Ordinary C shares of 1p each
Interim 7,274 5,789
459,865 85,789

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 122,600
AMORTISATION
At 1 August 2023
and 31 July 2024 122,600
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

10. TANGIBLE FIXED ASSETS
Short Plant and Website
leasehold machinery development
£    £    £   
COST
At 1 August 2023 988,520 13,327 21,240
Additions 579,765 7,388 -
Disposals - (250 ) -
At 31 July 2024 1,568,285 20,465 21,240
DEPRECIATION
At 1 August 2023 8,222 7,005 6,886
Charge for year 136,158 2,743 7,681
Eliminated on disposal - (165 ) -
At 31 July 2024 144,380 9,583 14,567
NET BOOK VALUE
At 31 July 2024 1,423,905 10,882 6,673
At 31 July 2023 980,298 6,322 14,354

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

10. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 226,441 77,169 313,391 1,640,088
Additions 90,047 - 50,286 727,486
Disposals (4,794 ) (43,990 ) (84,193 ) (133,227 )
At 31 July 2024 311,694 33,179 279,484 2,234,347
DEPRECIATION
At 1 August 2023 18,918 37,392 153,958 232,381
Charge for year 51,923 10,286 59,885 268,676
Eliminated on disposal (2,931 ) (29,066 ) (71,425 ) (103,587 )
At 31 July 2024 67,910 18,612 142,418 397,470
NET BOOK VALUE
At 31 July 2024 243,784 14,567 137,066 1,836,877
At 31 July 2023 207,523 39,777 159,433 1,407,707

Included within the above net book value of £1,836,877 (2023: £1,407,707) is £nil (2023: £18,114) relating to assets previously held on hire purchase. The depreciation of those assets during the year was £4,424 (2023: £5,934).


11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 August 2023
and 31 July 2024 78
NET BOOK VALUE
At 31 July 2024 78
At 31 July 2023 78

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

12. STOCKS
31.7.24 31.7.23
£    £   
Finished goods 7,131,567 5,798,127

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Other debtors 263,717 281,113
Directors' current accounts 61,482 106,264
Tax 35,864 -
Prepayments 1,706,710 1,077,715
2,067,773 1,465,092

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts (see note 16) 1,689,672 1,202,795
Hire purchase contracts (see note 17) - 7,200
Trade creditors 785,661 297,073
Amounts owed to group undertakings 78 78
Corporation tax 183,882 (248,236 )
Social security and other taxes 124,988 86,632
VAT 597,158 881,140
Other creditors 824,778 1,069,068
Accruals and deferred income 500,432 649,574
4,706,649 3,945,324

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans (see note 16) 10,000 20,000
Hire purchase contracts (see note 17) - 10,634
10,000 30,634

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

16. LOANS

An analysis of the maturity of loans is given below:

31.7.24 31.7.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 1,689,672 1,202,795

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 10,000

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.7.24 31.7.23
£    £   
Net obligations repayable:
Within one year - 7,200
Between one and five years - 10,634
- 17,834

Non-cancellable operating leases
31.7.24 31.7.23
£    £   
Within one year 838,650 635,082
Between one and five years 2,411,494 1,839,946
In more than five years 1,081,419 1,379,710
4,331,563 3,854,738

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

18. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank loans 1,699,672 1,222,795
Hire purchase contracts - 17,834
1,699,672 1,240,629

Hire purchase liabilities are secured on the assets concerned. Interest is charged at commercial rates.

Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 31 October 2022.

General Letter of Pledge dated 2 November 2022.

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

19. FINANCIAL INSTRUMENTS

The carrying amounts of the company's financial instruments are as follows:

31.07.24 31.07.23
£    £   
Financial assets
Measured at amortised cost:
- Directors loan accounts (note 13) 61,482 106,264
- Other debtors (note 13) 263,717 281,113
325,199 387,377
Cash at bank
Measured at amortised cost:
- Cash and bank balances 3,683,057 4,173,380
3,683,057 4,173,380
Financial Liabilities
Measured at amortised cost
- Bank loans (notes 14 and 15) 1,699,035 1,222,795
- Hire purchase (notes 14 and 15) - 17,834
-Trade creditors (note 14) 785,659 297,073
- Other creditors (note 14) 824,778 1,069,068
3,309,472 2,606,770





20. PROVISIONS FOR LIABILITIES
31.7.24 31.7.23
£    £   
Deferred tax 94,796 93,339

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

20. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2023 93,339
Provided during year 1,457
Accelerated capital allowances
Balance at 31 July 2024 94,796

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
4,750 Ordinary A 1p 47 47
4,750 Ordinary B 1p 48 48
500 Ordinary C 1p 5 5
100 100

22. RESERVES
Retained
earnings
£   

At 1 August 2023 8,774,989
Profit for the year 1,592,683
Dividends (459,865 )
At 31 July 2024 9,907,807

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

31.7.24 31.7.23
£    £   
L Greenwood
Balance outstanding at start of year 64,630 -
Amounts advanced 76,649 104,630
Amounts repaid (85,000 ) (40,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 56,279 64,630

C J Renwick
Balance outstanding at start of year 41,633 -
Amounts advanced 48,569 81,633
Amounts repaid (85,000 ) (40,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,202 41,633