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 Group'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.
Sales at £25.4m (2024: £24.1m) +5%
Gross profit at £16.0m (2024: £14.5m) +10%
EBITDA* Profit of £0.5m (2024: profit of £0.1m)
Operating loss of £0.3m (2024: loss of £0.7m)
*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.
The operation of the Group’s business is subject to a number of risks which could adversely affect the Group’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 Group 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 Group arises from its trade debtors. To manage this risk, the Group performs credit checks on all customers and subsequently sets appropriate credit limits. The Directors also seek to secure export insurance for substantially all of the Group's trade clients, although this insurance market has become increasingly difficult.
Third party production risk
The Group 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 Group is in regular contact with suppliers to monitor adherence to the terms of supply.
Liquidity risk
The Directors seek to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable seasonal operational needs. The Group 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 Group is exposed to both translational and transactional foreign exchange. The Group purchases product in both US Dollars and Euros. To mitigate the exchange risk and add certainty to cash flows, the Group 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 Group 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.
Environmental issues
The Group 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 Group is taking steps to reduce its on-going carbon footprint. The Group’s objective is to recycle as much of its waste as possible, and to use recycled raw materials where possible.
Social responsibility
The Group 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 Group 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 Group.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.
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
The directors present their annual report and financial statements for the period ended 25 January 2025.
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
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.
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.
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.
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).
Basis for 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; 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.
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.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the period was £1,412,508 (2024 - £1,525,123 loss).
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.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £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.
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 group.
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.
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. The company had net assets of £715,000 as at 25 January 2025.
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.
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.
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 commercialised terms in place.
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.
In 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.
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.
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.
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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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.
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, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the 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 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.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Exceptional items
Income and expenses classified as exceptional are shown 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.
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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The group has made losses in recent periods 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.
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.
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.
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.
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.
The average monthly number of persons (including directors) employed by the group and company during the period was:
Their aggregate remuneration comprised:
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.
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).
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:
Details of the company's subsidiaries at 25 January 2025 are as follows:
The registered office for all subsidiary 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.
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 (2024: £45,000 included in other creditors).
At the period end the directors made a provision for old and damaged stock including discontinued stock lines. During the period there was a net 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).
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
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.
The directors have made provisions 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 stores to their original condition.
A provision has been made for legal & professional costs relating to a dispute arising during the period.
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.
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 pari 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.
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.
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:
Amounts contracted for but not provided in the financial statements:
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.