Company Registration No. 03142746 (England and Wales)
A.S.H.S. LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JANUARY 2025
A.S.H.S. LIMITED
COMPANY INFORMATION
Directors
MW Hindmarch
E Lax Banon
N Marandi
AS Seymour
HJ Seymour
Secretary
HJ Seymour
Company number
03142746
Registered office
The Stable Block, The Plough Brewery
516 Wandsworth Road
London
SW8 3JX
Auditor
Rickard Luckin Limited
First Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
A.S.H.S. LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 35
A.S.H.S. LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 25 JANUARY 2025
- 1 -

The directors present the strategic report together with the audited financial statements for the period ended 25 January 2025.

Business Review

A.S.H.S. Limited operates worldwide under the trading name Anya Hindmarch. Founded in 1987 by Dame Anya Hindmarch, the global luxury brand is as known for its luxury, organisation-obsessed accessories as it is for its groundbreaking work in sustainability and its playful experiential retail concepts. Creativity, modern craftsmanship and personalisation sit at the heart of everything the brand does.

The G roup's products are sold through their branded retail network in the UK and Asia as well as it’s website. These are complemented by a curated group of wholesale, specialty stores and e-commerce customers in key luxury markets around the world.

Highlights

Anya Hindmarch bought back her namesake brand in 2019 and embarked on a turnaround strategy that saw the brand leverage it’s three distribution channels to fuel sustained revenue growth and a return to profitability in five years. The brand’s revenue has grown from £14m to £25.4m despite a challenging luxury retail environment continuing throughout the accounting period.

A key part of this turnaround strategy was the launch of its groundbreaking project, The Village in 2021. This retail concept is made up of six neighbouring stores, anchored by the Anya Café and showcases each of the brand’s pillars in it’s own retail environment offering an engaging and immersive experience for the Brand’s DTC community. The Village is rooted in hospitality, offering a unique retail environment in a digital world.

The Village includes The Village Hall, a store that changes every eight weeks to host new creative concepts and collaborations, ensuring constant traffic, community engagement and digital content. For the current accounting period, it housed six concepts including the third iteration of the hugely popular Ice Cream Project, a stationery store featuring the brand’s Peanuts collaboration and Anya’s Christmas Grotto where 3000 children booked to visit Father Christmas. Select concepts are rolled out to key partners – The Peanuts stationery store was launched with five wholesale partners across Europe and Asia following its sell out run at The Village.

The brand’s pillars each have their own distribution strategy allowing for multiple points of presence. The seasonal collection is offered by the worlds best luxury store including Net a Porter.com, Lane Crawford and Nordstrom. The Labelled collection sits in dedicated spaces within stores including Selfridges and Isetan in Tokyo with LIFE featured in the homewares and gifting departments at Liberty and Harrods.

The brand continues to be pioneering in its commitment to sustainability, using its influence to affect change with its ongoing Universal Bag project. This has now launched with twenty-one supermarkets across five countries with each partner having its own unique colour of the Universal Bag in a collaborative effort to minimize single use plastic. Over a million Universal Bags have been sold.

In February the brand was invited by the Hong Kong Government to take it’s creative Chubby Hearts project to Hong Kong following its success in London, where giant inflatable red hearts were floated over key landmarks across the city.

In November, the brand launched its second knitwear collaboration with Uniqlo which sold out quickly in 25 countries.

In 2024, the brand was the winner of the Luxury Brand category at Marie Claire’s Sustainability Awards, the Future Forward Award at The Chelseas Awards and a Country & Townhouse Future Icons award.

A.S.H.S. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
- 2 -
Financial overview

- Sales at £25.4 m (20 24: £2 4.1 m) +5%

- Gross profit at £16.0 m (20 24: £1 4.5 m) +10%

- EBITDA* Profit of £0.5m (20 24: profit of £0.1m)

- Operating loss of £0.3m (20 24: loss of £0.7 m)

*Earnings before interest, tax, depreciation, amortisation and exceptional items.

Revenue and gross profit growth during the period have contributed to a stronger EBITDA performance. In a challenging luxury retail environment, the Group’s disciplined strategy and effective cashflow management have supported sustainable progress and positioned the business well for the year ahead.

Principle Risks and Uncertainties

The operation of the G roup’s business is subject to a number of risks which could adversely affect the G roup’s future development. The principal risks and uncertainties are presented below.

Marketplace

The luxury accessories business is highly competitive and presents a number of operational risks characteristic of this sector. The marketplace continues to evolve with the rush to digital selling abating and a rekindling of interest in traditional shops.

The G roup seeks to stand out in this environment by offering a highly distinctive range of products, as well as offering a highly differentiating personalisation service and a digital, direct to consumer model.

Credit risk

The principal credit risk for the G roup arises from its trade debtors. To manage this risk, the G roup performs credit checks on all customers and subsequently sets appropriate credit limits. The D irectors also seek to secure export insurance for substantially all of the G roup's trade clients, although this insurance market has become increasingly difficult.

Third party production risk

The G roup produces its products through a network of third-party suppliers whose performance in terms of quality, compliance with local laws and regulations, and adherence to delivery deadlines is important to ensure the timely availability of stock in stores, online and for delivery to wholesale customers. The G roup is in regular contact with suppliers to monitor adherence to the terms of supply.

Liquidity risk

The D irectors seek to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable seasonal operational needs. The G roup monitors budgets and cash flow forecasts on a weekly basis and works closely with its shareholders to ensure that the group has the appropriate resources available to fund all working capital cycles.

Foreign exchange risk

The G roup is exposed to both translational and transactional foreign exchange. The G roup purchases product in both US Dollars and Euros. T o mitigate the exchange risk and add certainty to cash flows, the G roup takes out forward contracts in US Dollars and Euros on a percentage of its purchases. Since the acquisition of the Japan franchise in 2014, the G roup is also exposed to translational risk on movements between JPY/​GBP exchange rates. The exposure is managed by the parent company by pricing sales to the Japanese subsidiary in Yen and converting Yen balances into sterling.

A.S.H.S. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
- 3 -

Environmental issues

The G roup is committed to the promotion of environmental initiatives and minimising the environmental impact of its business. Our industry is energy intensive and to satisfy the requirements of our customers requires a high level of transport usage. Through focusing on creating an efficient and sustainable business the G roup is taking steps to reduce its on-going carbon footprint. The G roup’s objective is to recycle as much of its waste as possible, and to use recycled raw materials where possible.

Social responsibility

The G roup does not make any political contributions but is active in the communities in which it is based and supports charitable causes in the industry which it serves.

Employment of disabled persons

The G roup is committed to a policy of recruitment and promotion based on aptitude and ability without discrimination of any kind. Management actively pursues both the employment of disabled persons whenever a suitable vacancy arises and the continued employment and retraining of employees who become disabled whilst employed by the company. Particular attention is given to the training, career development and promotion of disabled employees with a view to encouraging them to play an active role in the development of the G roup.Employee involvement

The flow of information to staff has been maintained by our company meetings in Head Office. Members of the management team also regularly visit stores and discuss matters of current interest and concern to the business with members of staff.

War in Ukraine

The ongoing war in Ukraine has increased global uncertainty. The Group’s production capacity and customer base are both widely distributed which gives some protection for localised problems and can only help protect our strategic ambitions. The Group is also examining the possibilities of reshoring more of its supply lines soon.

Going Concern

The Directors have prepared cash flow forecasts based on their current plans, expectations, and intentions. After considering these forecasts and the principal risks and uncertainties facing the Group, the Directors are satisfied that the Group will be able to meet its liabilities as they fall due for at least twelve months from the date these financial statements are signed. Accordingly, the financial statements have been prepared on a going concern basis.

Approval

The strategic report was approved on behalf of the board

AS Seymour
Director
21 October 2025
A.S.H.S. LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 25 JANUARY 2025
- 4 -

The directors present their annual report and financial statements for the period ended 25 January 2025.

Principal activities

The principal activity of the company and the group continued to be that of the design, production and sale of luxury handbags and accessories.

Directors

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

MW Hindmarch
E Lax Banon
N Marandi
AS Seymour
HJ Seymour
Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

Auditor

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

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

A.S.H.S. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
- 5 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Matters covered in the strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of results for the period, principal risks and uncertainties, corporate and social responsibility and going concern.

On behalf of the board
AS Seymour
Director
21 October 2025
A.S.H.S. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF A.S.H.S. LIMITED
- 6 -
Opinion

We have audited the financial statements of A.S.H.S Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 25 January 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 25 January 2025 and of the group's loss for the period then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

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

A.S.H.S. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A.S.H.S. LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Capability of the audit in detecting irregularity, including fraud

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

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

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

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

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

A.S.H.S. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A.S.H.S. LIMITED
- 8 -

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

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

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

- Challenging assumptions made by management in its significant accounting estimates in particular: stock provisions;

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

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

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

- Discussions with management.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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

A.S.H.S. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF A.S.H.S. LIMITED
- 9 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Amit Popat (Senior Statutory Auditor)
22 October 2025
For and on behalf of Rickard Luckin Limited, Statutory Auditor
Chartered Accountants
1st Floor
County House
100 New London Road
Chelmsford
Essex
CM2 0RG
A.S.H.S. LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 25 JANUARY 2025
- 10 -
Period ended
Period ended
25 January
27 January
2025
2024
Notes
£000
£000
Turnover
3
25,388
24,166
Cost of sales
(9,364)
(9,659)
Gross profit
16,024
14,507
Administrative expenses
(16,044)
(15,119)
Exceptional item
4
(287)
(110)
Operating loss
5
(307)
(722)
Interest receivable and similar income
9
108
83
Interest payable and similar expenses
10
(62)
(27)
Loss before taxation
(261)
(666)
Tax on loss
11
142
53
Loss for the financial period
(119)
(613)
Other comprehensive income
Currency translation differences
(107)
(220)
Total comprehensive income for the period
(226)
(833)
Operating loss is analysed as:
EBITDA*
463
82
Exceptional items
(287)
(110)
Foreign exchange gains/(losses)
(98)
(284)
Depreciation and impairment
(301)
(271)
Amortisation
(58)
(90)
Loss on disposal of fixed assets
(26)
(49)
Operating loss
(307)
(722)
* (Earnings before interest, tax, depreciation, amortisation,
foreign exchange and exceptional items)
Loss for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.

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

A.S.H.S. LIMITED
GROUP BALANCE SHEET
AS AT 25 JANUARY 2025
25 January 2025
- 11 -
25 January 2025
27 January 2024
Notes
£000
£000
£000
£000
Fixed assets
Intangible assets
12
120
81
Tangible assets
13
660
719
780
800
Current assets
Stocks
17
3,412
3,626
Debtors
18
3,339
2,920
Cash at bank and in hand
2,355
1,719
9,106
8,265
Creditors: amounts falling due within one year
19
(5,705)
(4,749)
Net current assets
3,401
3,516
Total assets less current liabilities
4,181
4,316
Provisions for liabilities
Provisions
21
164
73
(164)
(73)
Net assets
4,017
4,243
Capital and reserves
Called up share capital
23
1
1
Share premium account
8,000
8,000
Capital redemption reserve
1,076
1,076
Profit and loss reserves
(5,060)
(4,834)
Total equity
4,017
4,243
The financial statements were approved by the board of directors and authorised for issue on 21 October 2025 and are signed on its behalf by:
21 October 2025
AS Seymour
Director
Company registration number 03142746 (England and Wales)
A.S.H.S. LIMITED
COMPANY BALANCE SHEET
AS AT 25 JANUARY 2025
25 January 2025
- 12 -
25 January 2025
27 January 2024
Notes
£000
£000
£000
£000
Fixed assets
Intangible assets
12
120
81
Tangible assets
13
650
712
770
793
Current assets
Stocks
17
2,641
2,685
Debtors
18
2,417
2,132
Cash at bank and in hand
1,534
991
6,592
5,808
Creditors: amounts falling due within one year
19
(6,497)
(4,424)
Net current assets
95
1,384
Total assets less current liabilities
865
2,177
Provisions for liabilities
Provisions
21
150
50
(150)
(50)
Net assets
715
2,127
Capital and reserves
Called up share capital
23
1
1
Share premium account
8,000
8,000
Capital redemption reserve
1,076
1,076
Profit and loss reserves
(8,362)
(6,950)
Total equity
715
2,127

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the period was £1,412,508 (2024 - £1,525,123 loss).

The financial statements were approved by the board of directors and authorised for issue on 21 October 2025 and are signed on its behalf by:
21 October 2025
AS Seymour
Director
Company registration number 03142746 (England and Wales)
A.S.H.S. LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 25 JANUARY 2025
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£000
£000
£000
£000
£000
Balance at 29 January 2023
1
7,500
1,076
(4,001)
4,576
Period ended 27 January 2024:
Loss for the period
-
-
-
(613)
(613)
Other comprehensive income:
Currency translation differences
-
-
-
(220)
(220)
Total comprehensive income
-
-
-
(833)
(833)
Issue of share capital
23
-
0
500
-
-
500
Balance at 27 January 2024
1
8,000
1,076
(4,834)
4,243
Period ended 25 January 2025:
Loss for the period
-
-
-
(119)
(119)
Other comprehensive income:
Currency translation differences
-
-
-
(107)
(107)
Total comprehensive income
-
-
-
(226)
(226)
Balance at 25 January 2025
1
8,000
1,076
(5,060)
4,017
A.S.H.S. LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 25 JANUARY 2025
- 14 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£000
£000
£000
£000
£000
Balance at 29 January 2023
1
7,500
1,076
(5,425)
3,152
Period ended 27 January 2024:
Loss and total comprehensive income for the period
-
-
-
(1,525)
(1,525)
Issue of share capital
23
-
0
500
-
-
500
Balance at 27 January 2024
1
8,000
1,076
(6,950)
2,127
Period ended 25 January 2025:
Loss and total comprehensive income for the period
-
-
-
(1,412)
(1,412)
Balance at 25 January 2025
1
8,000
1,076
(8,362)
715
A.S.H.S. LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 25 JANUARY 2025
- 15 -
2025
2024
Notes
£000
£000
£000
£000
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
409
(818)
Interest paid
(62)
(27)
Income taxes refunded/(paid)
8
(4)
Net cash inflow/(outflow) from operating activities
355
(849)
Investing activities
Purchase of intangible assets
(97)
(53)
Purchase of tangible fixed assets
(267)
(269)
Interest received
2
5
Net cash used in investing activities
(362)
(317)
Financing activities
Proceeds from issue of shares
-
500
Proceeds from borrowings
750
400
Net cash generated from financing activities
750
900
Net increase/(decrease) in cash and cash equivalents
743
(266)
Cash and cash equivalents at beginning of period
1,719
2,173
Effect of foreign exchange rates
(107)
(188)
Cash and cash equivalents at end of period
2,355
1,719
A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 JANUARY 2025
- 16 -
1
Accounting policies
Company information

A.S.H.S. Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Stable Block, The Plough Brewery, 516 Wandsworth Road, London, SW8 3JX.

The group consists of A.S.H.S. Limited and all of its subsidiaries.

1.1
Accounting convention

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £000.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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

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

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

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

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company A.S.H.S Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 25 January 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -
1.3
Going concern

These financial statements are prepared on the going concern basis. The group made a loss for the period of £226,000 and the group had net assets of £4,017,000. T he company had net assets of £715,000 as at 2 5 January 202 5.

The directors have prepared cash flow forecasts and have implemented a strategic plan that is expected to improve the group's financial performance.

The company received £250,000 in funding from a shareholder in May 2025 and £400,000 in funding from a related party by virtue of being a close family member of a shareholder in May 2025.

Based on these cashflow forecasts and with the support of a shareholder, the directors are satisfied that the company is able to meet its liabilities as and when they fall due, for at least the next twelve months from the date of signing these financial statements and therefore the directors consider that it is appropriate to prepare these financial statements on the going concern basis.

1.4
Reporting period

The group has taken advantage of the Companies Act provisions that permit the group to prepare financial statements within 7 days of its accounting reference date.

1.5
Turnover

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

A provision is made for expected wholesale returns based on previous experience and commerciali s ed terms in place.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Property leases acquired have been separated from goodwill. They are recognised at fair value and amortised over the lengths of the leases.

A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
1
Accounting policies
(Continued)
- 18 -

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

Acquired leases
Over the length of the leases
Other intangibles
Over 3 years
1.8
Tangible fixed assets

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

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

Leasehold land and buildings
Straight line over the life of the lease
Fixtures and fittings
25% Straight line

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

1.9
Fixed asset investments

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

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

1.10
Impairment of fixed assets

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

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

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

A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
1
Accounting policies
(Continued)
- 19 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.12
Cash and cash equivalents

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

1.13
Financial instruments

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

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

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Other financial assets

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
1
Accounting policies
(Continued)
- 20 -
Impairment of financial assets

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

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

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

Other financial liabilities

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

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

A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
1
Accounting policies
(Continued)
- 21 -
1.15
Taxation

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

Current tax

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

Deferred tax

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

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

1.16
Provisions

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

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

1.17
Employee benefits

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

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

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

1.18
Retirement benefits

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

1.19
Leases

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

A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
1
Accounting policies
(Continued)
- 22 -
1.20
Foreign exchange

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

1.21

Exceptional items

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

2
Judgements and key sources of estimation uncertainty

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

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

Impairment of fixed assets

The group has made loss es in recent period s which may be an indication that intangible and tangible fixed assets are impaired. The directors have concluded that no further impairment provision is necessary after reviewing the expected future performance of these assets, or groups of assets for a larger cash generating unit.

Stock provisions

The directors have made provisions against raw material and finished goods where they estimate the recoverable value of stock is lower than the cost, based on age and seasonality, condition and location of stock.

Provisions

The directors have reviewed the leases that the group has entered into and have made appropriate provisions for onerous leases where the cost of the leases exceed any expected future benefit to be gained from these leases.

In addition to this, the directors have made a provision for dilapidations based on their experience from previous store closures.

The directors have also made appropriate provisions for sales returns after the period end relating to this period, based on experience and actual returns received.

A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
- 23 -
3
Turnover and other revenue
2025
2024
£000
£000
Turnover analysed by geographical market
UK
13,212
12,045
Europe
2,646
3,255
Japan
5,643
5,152
Rest of World
3,887
3,714
25,388
24,166
2025
2024
£000
£000
Other revenue
Interest income
2
5

The directors have chosen not to disclose particulars of turnover in accordance with Schedule 1, Part 3, paragraph 68 of statutory instrument 2018 No 410 of the Companies Act.

4
Exceptional item
2025
2024
£000
£000
Expenditure
Store setup and closure costs
8
-
Legal and professional fees
208
39
Exceptional HR costs
71
71
287
110

During the current and prior period, legal and professional fees relating to a dispute have been treated as exceptional.

Exceptional HR costs include one off expenditure and redundancy payments.

5
Operating loss
2025
2024
£000
£000
Operating loss for the period is stated after charging:
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
98
284
Depreciation of owned tangible fixed assets
301
271
Loss on disposal of tangible fixed assets
26
49
Amortisation of intangible assets
58
90
Operating lease charges
1,080
874
A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
- 24 -
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£000
£000
For audit services
Audit of the financial statements of the group and company
48
86
7
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Administration
71
64
67
58
Sales and distribution
73
67
50
44
Total
144
131
117
102

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Wages and salaries
5,852
5,054
4,872
4,142
Social security costs
501
425
501
425
Pension costs
176
141
176
141
6,529
5,620
5,549
4,708
Redundancy payments made or committed
7
54
7
41

Wages and salary costs during the current period for the group include £71,000 (2024: £71,000) which relate to exceptional HR costs. Redundancy payments made are included within exceptional items.

8
Directors' remuneration
2025
2024
£000
£000
Remuneration for qualifying services
310
309
Company pension contributions to defined contribution schemes
14
14
324
323

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
8
Directors' remuneration
(Continued)
- 25 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£000
£000
Remuneration for qualifying services
177
177
Company pension contributions to defined contribution schemes
8
8
9
Interest receivable and similar income
2025
2024
£000
£000
Interest income
Interest on bank deposits
2
5
Other income from investments
Gains on financial instruments measured at fair value through profit or loss
106
78
Total income
108
83
10
Interest payable and similar expenses
2025
2024
£000
£000
Other interest
62
27
11
Taxation
2025
2024
£000
£000
Current tax
Foreign current tax on profits for the current period
2
3
Deferred tax
Origination and reversal of timing differences
(144)
(56)
Total tax credit
(142)
(53)
A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
11
Taxation
(Continued)
- 26 -

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

2025
2024
£000
£000
Loss before taxation
(261)
(666)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(65)
(167)
Tax effect of expenses that are not deductible in determining taxable profit
4
3
Change in unrecognised deferred tax assets
(86)
104
Depreciation on assets not qualifying for tax allowances
3
4
Effect of overseas tax rates
2
3
Taxation credit
(142)
(53)
12
Intangible fixed assets
Group
Goodwill
Acquired leases
Other intangibles
Total
£000
£000
£000
£000
Cost
At 28 January 2024
1,043
450
445
1,938
Additions
-
0
-
0
97
97
At 25 January 2025
1,043
450
542
2,035
Amortisation and impairment
At 28 January 2024
1,043
450
364
1,857
Amortisation charged for the period
-
0
-
0
58
58
At 25 January 2025
1,043
450
422
1,915
Carrying amount
At 25 January 2025
-
0
-
0
120
120
At 27 January 2024
-
0
-
0
81
81
A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
12
Intangible fixed assets
(Continued)
- 27 -
Company
Other intangibles
£000
Cost
At 28 January 2024
445
Additions
97
At 25 January 2025
542
Amortisation and impairment
At 28 January 2024
364
Amortisation charged for the period
58
At 25 January 2025
422
Carrying amount
At 25 January 2025
120
At 27 January 2024
81
13
Tangible fixed assets
Group
Leasehold land and buildings
Fixtures and fittings
Total
£000
£000
£000
Cost
At 28 January 2024
499
1,091
1,590
Additions
103
164
267
Disposals
-
0
(32)
(32)
Exchange adjustments
(4)
(7)
(11)
At 25 January 2025
598
1,216
1,814
Depreciation and impairment
At 28 January 2024
225
646
871
Depreciation charged in the period
76
225
301
Eliminated in respect of disposals
-
0
(7)
(7)
Exchange adjustments
(4)
(7)
(11)
At 25 January 2025
297
857
1,154
Carrying amount
At 25 January 2025
301
359
660
At 27 January 2024
274
445
719
A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
13
Tangible fixed assets
(Continued)
- 28 -
Company
Leasehold land and buildings
Fixtures and fittings
Total
£000
£000
£000
Cost
At 28 January 2024
404
938
1,342
Additions
103
156
259
Disposals
-
0
(32)
(32)
At 25 January 2025
507
1,062
1,569
Depreciation and impairment
At 28 January 2024
132
498
630
Depreciation charged in the period
74
222
296
Eliminated in respect of disposals
-
0
(7)
(7)
At 25 January 2025
206
713
919
Carrying amount
At 25 January 2025
301
349
650
At 27 January 2024
272
440
712
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£000
£000
£000
£000
Investments in subsidiaries
15
-
0
-
0
-
0
-
0
Movements in fixed asset investments
Company
Shares in group undertakings
£000
Cost or valuation
At 28 January 2024 and 25 January 2025
4,980
Impairment
At 28 January 2024 and 25 January 2025
4,980
Carrying amount
At 25 January 2025
-
At 27 January 2024
-
A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
- 29 -
15
Subsidiaries

Details of the company's subsidiaries at 25 January 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
ASHS East Coast Limited
England and Wales
Non-trading company
Ordinary
100.00
-
A.S.H.S. USA Limited
England and Wales
Non-trading company
Ordinary
100.00
-
A.S.H.S. New York Inc
United States of America
Dormant
Ordinary
100.00
-
Anya Hindmarch Japan Inc
Japan
Trading company
Ordinary
100.00
-
Anya Hindmarch Limited
England and Wales
Non-trading company
Ordinary
100.00
-
A.S.H.S. Nevada LLC
United States of America
Dormant
Ordinary
0
100.00
A.S.H.S. Madison LLC
United States of America
Non-trading company
Ordinary
0
100.00
A.S.H.S. Downtown LLC
United States of America
Non-trading company
Ordinary
0
100.00
A.S.H.S. North America Ltd
United States of America
Trading Company
Ordinary
100.00
-

The registered office for all subsidiar y undertakings incorporated in England and Wales is The Stable Block, The Plough Brewery, 516 Wandsworth Road, London, SW8 3JX.

A.S.H.S. Nevada LLC is registered at c/o CSC Services of Nevada, Inc., 502 East John Street, Carson City, Nevada 89706, USA.

A.S.H.S. Madison LLC is registered at co/ VCorp Agent Services, Inc., 25 Robert Pitt Drive Suite 204, Monsey, New York, 10952, USA.

A.S.H.S. Downtown LLC is registered at 795 Madison Avenue, New York, New York, 10065, USA.

A.S.H.S. New York Inc is registered at 110 Prince Street, New York, New York 10012, USA.

Anya Hindmarch Japan Inc is registered at 3-1-31, Minami Aoyama, Minato-ku, Tokyo, 107-0062, Japan.

A.S.H.S North America Ltd is registered at 112 North Curry Street, Carson City, Nevada, 89703, USA.

16
Financial instruments
Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Carrying amount of financial assets
- Other financial assets
61
-
61
-
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
-
45
-
45

During the year the company had entered into various hedging instruments, to reduce its exposure to movements in the principal exchange rates in which it had transactions. Included in other debtors is the fair value of the contracts of £61,000 (20 24: £45,000 included in other creditors).

A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
- 30 -
17
Stocks
Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Raw materials and consumables
129
185
129
185
Finished goods and goods for resale
3,283
3,441
2,512
2,500
3,412
3,626
2,641
2,685

At the period end the directors made a provision for old and damaged stock including discontinued stock line s. During the period there was a net credit to the profit and loss account in respect of this totalling £453,000 (2024: £291,000 net debit) and for the company a net credit of £433,000 (2024: £275,000 net debit).

18
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£000
£000
£000
£000
Trade debtors
848
1,251
692
1,114
Other debtors
1,334
787
962
391
Prepayments and accrued income
784
642
763
627
2,966
2,680
2,417
2,132
Deferred tax asset (note 20)
373
240
-
0
-
0
3,339
2,920
2,417
2,132
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£000
£000
£000
£000
Other borrowings
1,150
400
1,150
400
Trade creditors
2,181
1,854
2,038
1,665
Amounts owed to group undertakings
-
0
-
1,224
124
Corporation tax payable
2
3
-
0
-
0
Other taxation and social security
707
671
573
579
Other creditors
777
714
777
713
Accruals and deferred income
888
1,107
735
943
5,705
4,749
6,497
4,424
A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
- 31 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2025
2024
Group
£000
£000
Tax losses
373
240
Group
Company
2025
2025
Movements in the period:
£000
£000
Asset at 28 January 2024
(240)
-
Credit to profit or loss
(144)
-
Exchange difference
11
-
Asset at 25 January 2025
(373)
-

The deferred tax asset set out above is expected to reverse partially within 12 months and partially in more than 12 months and relates to the utilisation of tax losses against future expected profits of the same period for the group.

The group has estimated tax losses of £69.5m (2024: £70.0m) available to carry forward against future profits.

The group has a deferred tax asset which it has not provided for in the accounts amounting to £17.7m (2024: £18.3m). It is not certain that the timing difference will reverse and for this reason no provision has been made for the part of the deferred tax asset.

21
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Provision for onerous leases
14
23
-
-
Dilapidation provision
50
50
50
50
Legal & professional costs
100
-
100
-
164
73
150
50
A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
21
Provisions for liabilities
(Continued)
- 32 -
Movements on provisions:
Provision for onerous leases
Dilapidation provision
Legal & professional costs
Total
Group
£000
£000
£000
£000
At 28 January 2024
23
50
-
73
Additional provisions in the period
-
-
100
100
Exchange difference
(9)
-
-
(9)
At 25 January 2025
14
50
100
164
Dilapidation provision
Legal & professional costs
Total
Company
£000
£000
£000
At 28 January 2024
50
-
50
Additional provisions in the period
-
100
100
At 25 January 2025
50
100
150

The directors have made provision s for the net cost to the group, of onerous leases on loss making stores. In addition to this, a provision has been made for dilapidations where there is a commitment to return store s to their original condition.

A provision has been made for legal & professional costs relating to a dispute arising during the period.

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
176
141

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
83,600
83,600
836
836
Growth of 1p each
12,250
10,250
123
103
Performance of 1p each
15,322
15,322
153
153
Founder share of 1p each
1
1
-
-
111,173
109,173
1,112
1,092
A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
23
Share capital
(Continued)
- 33 -
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
A Preference of 1p each
10,000
10,000
100
100
B Preference of 1p each
10,000
10,000
100
100
C Preference of 1p each
6,000
6,000
60
60
26,000
26,000
260
260
Preference shares classified as equity
260
260
Total equity share capital
1,372
1,352

During the period, 2,000 £0.01 Growth shares were issued for £20. After the period end, 1,000 £0.01 Growth shares were cancelled.

The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.

The performance shares will rank pari passu with the ordinary shares as to voting rights, dividend and capital distribution, subject to the company's financial performance meeting certain thresholds. Until such time and subject thereto, the performance shares have no voting, dividend or capital distribution rights. They do not confer rights of redemption.

The growth shares will rank par i passu with the ordinary shares as to voting rights, dividends and capital distribution only on an exit and subject to certain hurdles and minimum returns having been achieved. Until such time and subject thereto, the growth shares have no voting, dividend or capital distribution rights. They do not confer rights of redemption.

The founder share does not confer any rights to dividends and capital distribution (including on winding up), or rights of redemption, but shall be entitled to receive notice of, attend, speak and vote at general meetings, with two votes for every vote cast by a holder of ordinary shares, performance shares and growth shares.

The A preference shares rank in priority to the B preference shares. The C preference shares rank in priority to the A preference shares. Subject to certain initial investment amounts being repaid in full, the preference shares will rank in priority to the ordinary shares, growth shares and performance shares with respect to dividend and capital distribution until certain holders of preference shares have received a prescribed return on their preference shares, following which the preference shares will be cancelled. Until such time and subject thereto, the preference shares have no rights to dividends or capital distribution. They do not carry any voting rights nor do they confer rights of redemption.

24
Financial commitments, guarantees and contingent liabilities

HSBC Bank have a fixed and floating charge over the current and future assets of the company.

HM Revenue & Customs have a guarantee over the bank current account for any amount due to them up to £40,000.

A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
- 34 -
25
Operating lease commitments
Lessee

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

Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Within one year
852
943
788
908
Between two and five years
1,860
2,356
1,730
2,345
In over five years
155
300
155
300
2,867
3,599
2,673
3,553
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£000
£000
£000
£000
Acquisition of tangible fixed assets
9,000
-
9,000
-
27
Related party transactions

Company

As at the period end the company owed £1,224,000 (2024: £124,000) to a subsidiary undertaking.

Group

Payments have been made in the period in respect of consultancy services received during the period from a director of the group. These payments totalled £3,000 for the period (2024: £3,000).

At the period end, the group owed £400,000 (2024: £400,000) to a related party by virtue of being a close family member of a shareholder. During the period, interest totalling £18,000 (2024: £7,000) was paid in respect of this loan.

At the period end, the group owed £750,000 (2024: £nil) to a related party by virtue of their shareholding in the group. During the period, interest totalling £25,000 (2024: £nil) was paid in respect of this loan.

28
Controlling party

As at the current and prior period end, Anya Seymour was the ultimate controlling party by virtue of her shareholding.

A.S.H.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 JANUARY 2025
- 35 -
29
Cash generated from/(absorbed by) group operations
2025
2024
£000
£000
Loss for the period after tax
(119)
(613)
Adjustments for:
Taxation credited
(142)
(53)
Finance costs
62
27
Investment income
(2)
(5)
Loss on disposal of tangible fixed assets
26
49
Amortisation and impairment of intangible assets
58
90
Depreciation and impairment of tangible fixed assets
301
271
Increase in provisions
91
46
Movements in working capital:
Decrease/(increase) in stocks
213
(446)
(Increase)/decrease in debtors
(286)
216
Increase/(decrease) in creditors
207
(400)
Cash generated from/(absorbed by) operations
409
(818)
30
Analysis of changes in net funds - group
28 January 2024
Cash flows
Exchange rate movements
25 January 2025
£000
£000
£000
£000
Cash at bank and in hand
1,719
743
(107)
2,355
Borrowings excluding overdrafts
(400)
(750)
-
(1,150)
1,319
(7)
(107)
1,205
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