Hotter Shoes Limited
Annual Report and Financial Statements
For the 52 weeks ended 29 March 2025
Company Registration No. 14705827 (England and Wales)
Hotter Shoes Limited
Company Information
Directors
S Kehl
M Lester
Company number
14705827
Registered office
Woolovers House
Victoria Gardens
Burgess Hill
United Kingdom
RH15 9NB
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Hotter Shoes Limited
Contents
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 28
Hotter Shoes Limited
Strategic Report
For the 52 weeks ended 29 March 2025
Page 1

The directors present the strategic report for the 52 weeks ended 29 March 2025.

Principal Activities

Hotter Shoes Limited is an international direct-to-consumer retailer, supplying over one million customers to date with high quality men's and women's classic and comfortable footwear manufactured in a large part in the UK.

Trading Performance

Overall, the Company reported a profit before tax of £4.5m (2024: loss before tax of £0.147m). This represents the first full year of trading for the company, having been set up to acquire the brand following Administration in July 23.

Revenues in the period were £53.0m (2024: £25.1m) in part due to a full trading year, compared to only 8.5 months last year. However, there was also significant underlying growth, driving by re-launching in the US, and increasing the UK customer base. The gross margin % was 66% (2024: 70.9%). At the period end, the Company had a net cash balance of £0.88m (2024: £1.38m). This was in part a result of repaying the amounts owed to other group companies, with this creditor balance reducing by £6.7m YOY.

Principal risks and uncertainties

The Directors have identified the following key risks faced by the company. These are set out below together with the mitigating actions that have been taken to minimise any potential impact on future financial results.

- Product supply chain — The Company is reliant on a number of long-standing South-East Asian upper & full shoe manufacturers to supply its products. The Company has continued to enhance existing supplier relationships and to introduce new suppliers based in Europe and Asia to both broaden the Company's product range and reduce garment supply lead times;

- IT infrastructure and security — The Company's IT infrastructure is critical to its ability to trade. The use of a cloud-based e-commerce platform allows for quick recovery should issues occur, whilst the encryption of data, the use of third-party payment processors and Payment Card Industry compliance ensures customer data is adequately protected.

- Physical infrastructure. — The Company's operations are based on a single site in Skelmersdale, alongside a retail portfolio of over 30 sites across the country, which continues to grow. A comprehensive Business Continuity Plan has been established that will enable the Company to quickly recommence operations if its principal business location was damaged in an incident.

- Credit risk - The Company has credit risk in the form of its trade debtors and has therefore implemented strict credit control procedures.

- Liquidity risk - Being part of a Group, the Company's principal risks and uncertainties are inherently linked to the Group. Risks to the Wourth Group are outlined in the Wourth Group Limited consolidated accounts although the group maintains a healthy cash balance so liquid funds are available when working capital is required.

- Inflationary Risk-The company is subject to inflationary pressures across the breath of its cost base. By working with a range of suppliers in each area of the business, the company is able to ensure price competition can manage this inflation.

Hotter Shoes Limited
Strategic Report (Continued)
For the 52 weeks ended 29 March 2025
Page 2
Future Developments

The Company will continue to focus marketing efforts on direct sales channels and continue to invest in product development, customer acquisition and brand amplification. This is expected to lead to continued growth.

Financial risk management objectives and policies

The Company is exposed to foreign currency risk both as a consequence of stock purchases, which are typically denominated in USD and EUR, and sales generated in international markets. In the case of stock purchases, hedging arrangements are entered into with the Company's banking partners to protect against currency movements; whilst in the case of international sales, the Company actively manages local currency pricing to mitigate currency risk.

The Company has credit risk in the form of its trade debtors and has therefore implemented strict credit control procedures.

The Company has a proactive approach to risk management and regularly reviews its risk register in collaboration with its insurance brokers to ensure appropriate insurance cover is in place and/​or steps are taken to mitigate risks that are likely to have a higher possibility of occurrence and/​or a greater financial and operational impact on the business.

Key performance indicators

The Directors continually monitor the effectiveness of the Company's operating performance by considering various key performance indicators. The main indicators are revenue, operating profit and EBITDA. Of the KPIs not already mentioned, EBITDA before exceptional costs in the period was £5.85m (2024: £2.40m).

Hotter Shoes Limited
Strategic Report (Continued)
For the 52 weeks ended 29 March 2025
Page 3
Going concern

The Company is a trading company within the Wourth Group Limited group, which provides a treasury function for the wider group. The Company continue to trade profitably and generate positive cash flows, which ultimately can flow into the wider group to aid cash flow. The Company has net assets of £2.6m (2024: net liabilities of £0.6m). The directors have prepared cash flow forecasts for the Company which show that even when factoring in a possible downturn in consumer spending and the seasonality around product purchasing and sales, sufficient cash resources are available to finance its own trading for a period of at least 12 months from the date of approval of the financial statements without the need for amounts owed by group undertakings to be repaid. These cash flow forecasts are before any additional amounts are transferred out as part of the group treasury function.

Furthermore, in assessing the Company's ability to continue as a going concern, given the existence of a group treasury function and the support this can provide, the directors have made reference to the going concern note as disclosed in Wourth Group Limited as shown below:

“The Group is exposed to trading risk in a highly competitive retail sector. The Group is susceptible to a possible downturn in consumer spending, influenced by factors such as a reduction in disposable income and changing interest rates. The Directors have assessed, and stress tested the group’s financial position, budgets and cash flow forecasts for the period up to 31 December 2026.

All forecasts have also factored in the seasonality around revenue and stock purchases. Cash levels are expected to be at their lowest in August and September each year when the group are purchasing seasonal stock which is then converted to cash in a strong October to December period. This is particularly pertinent in WoolOvers Limited and Pure Collection Cashmere Limited. Even when flexed for underperformance on revenue targets, the cash forecasts remain in a positive position, in part due to the availability of a £12.5m revolving credit facility that is due to expire in April 2028.

The parent group has also confirmed it will provide financial support if required for a period of at least 12 months from the anticipated sign off date of the financial statements. Consequently, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for more than one year from the date of approval of these financial statements."

Accordingly, given the directors know of no reason why financial support will not be forthcoming in relation to the group treasury function, they continue to adopt the going concern basis of accounting in preparing the Company's financial statements.

Hotter Shoes Limited
Strategic Report (Continued)
For the 52 weeks ended 29 March 2025
Page 4
Promoting the success of the company

Decision making

The board fulfils its duties to act in good faith to promote the success of the company through the implementation of the Wourth Group strategy. This strategy includes providing sustainable footwear to a growing number of customers around the world.

The group strategy allows us to be flexible, competitive and resilient, while responding to a rapidly changing market situation.

Employee Engagement

Our workforce is vital to the recent and ongoing success of the business. The group strives to promote a positive working environment which enables forward thinking and problem solving to be part of everything we do. We continue to invest in our employees, and seek to promote from within wherever possible.

Business relationships

The business has many important relationships, but number one is always our customers. Our customer service team seeks to provide the high quality garments our customers love, in a quick and friendly way, and we constantly ask customers for feedback on what we are doing well, and areas we can improve.

Supplier relationships are also very important. Throughout the COVID 19 pandemic the group actively supported our suppliers where others could not, and it is an important part of the groups strategy to maintain constant communications and relationships with all suppliers big or small.

Community and Environment

Sustainability is at the heart of what we do. We are constantly looking at ways we can reduce our carbon footprint along with our other Wourth Group brands.

Culture and Values

The company’s culture is characterised by clear responsibility, mutual respect and trust. Lawful conduct and fair competition are integral to its business activities and an important condition for maintaining a reputation for high standards of business conduct securing long term success. The group is focused on people, with both customers and employees being at the heart of its business. The group embraces diversity, flexibility, sustainability and continuous improvement throughout the organisation. The company has a customer centric philosophy with transparent, fair and simple processes.

On behalf of the board

S Kehl
Director
28 October 2025
Hotter Shoes Limited
Directors' Report
For the 52 weeks ended 29 March 2025
Page 5

The directors present their annual report and financial statements for the 52 weeks ended 29 March 2025.

In accordance with Section 414C(11) of the Companies Act 2006, information relating to future developments and risk management are included in the Strategic Report.

Results and dividends

The results for the 52 weeks are set out on page 11.

Directors

The directors who held office during the 52 weeks and up to the date of signature of the financial statements were as follows:

S Kehl
M Lester
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
S Kehl
Director
28 October 2025
Hotter Shoes Limited
Directors' Responsibilities Statement
For the 52 weeks ended 29 March 2025
Page 6

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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Hotter Shoes Limited
Independent Auditor's Report
To the Member of Hotter Shoes Limited
Page 7
Opinion

We have audited the financial statements of Hotter Shoes Limited (the 'company') for the 52 weeks ended 29 March 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 29 March 2025 and of its profit for the 52 weeks 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The 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.

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.

Hotter Shoes Limited
Independent Auditor's Report (Continued)
To the Member of Hotter Shoes Limited
Page 8

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' R eport for the financial 52 weeks for which the financial statements are prepared is consistent with the financial statements; and

- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Directors' 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Hotter Shoes Limited
Independent Auditor's Report (Continued)
To the Member of Hotter Shoes Limited
Page 9
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Hotter Shoes Limited
Independent Auditor's Report (Continued)
To the Member of Hotter Shoes Limited
Page 10

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. 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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

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

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

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Jamie Sherman
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
30 October 2025
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Hotter Shoes Limited
Statement of Comprehensive Income
For the 52 weeks ended 29 March 2025
Page 11
52 weeks
Period
ended
ended
29 March
30 March
2025
2024
Notes
£000's
£000's
Turnover
3
52,969
25,122
Cost of sales
(17,846)
(7,299)
Gross profit
35,123
17,823
Distribution costs
(3,371)
(1,552)
Administrative expenses
(27,416)
(15,139)
Other operating income
115
-
0
Exceptional item
4
-
0
(1,301)
Operating profit/(loss)
5
4,451
(169)
Interest receivable and similar income
7
64
22
Profit/(loss) before taxation
4,515
(147)
Tax on profit/(loss)
8
(1,289)
(435)
Profit/(loss) for the financial 52 weeks
3,226
(582)

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

The notes on pages 14 to 28 form part of these financial statements.

Hotter Shoes Limited
Balance Sheet
As at 29 March 2025
Page 12
2025
2024
Notes
£000's
£000's
£000's
£000's
Fixed assets
Goodwill
9
1,667
2,917
Tangible assets
10
1,554
104
3,221
3,021
Current assets
Stock
11
8,558
8,828
Debtors
12
2,505
2,688
Cash at bank and in hand
875
1,384
11,938
12,900
Creditors: amounts falling due within one year
13
(12,478)
(16,503)
Net current liabilities
(540)
(3,603)
Total assets less current liabilities
2,681
(582)
Provisions for liabilities
Deferred tax liability
14
(37)
-
0
(37)
-
Net assets/(liabilities)
2,644
(582)
Capital and reserves
Called up share capital
16
-
0
-
0
Profit and loss reserves
2,644
(582)
Total equity
2,644
(582)

The notes on pages 14 to 28 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 28 October 2025 and are signed on its behalf by:
S Kehl
Director
Company Registration No. 14705827
Hotter Shoes Limited
Statement of Changes in Equity
For the 52 weeks ended 29 March 2025
Page 13
Share capital
Profit and loss reserves
Total
£000's
£000's
£000's
Balance at 5 March 2023
-
0
-
0
-
Period ended 30 March 2024:
Loss and total comprehensive income for the period
-
(582)
(582)
Balance at 30 March 2024
-
0
(582)
(582)
Period ended 29 March 2025:
Profit and total comprehensive income for the period
-
3,226
3,226
Balance at 29 March 2025
-
0
2,644
2,644

The notes on pages 14 to 28 form part of these financial statements.

Hotter Shoes Limited
Notes to the Financial Statements
For the 52 weeks ended 29 March 2025
Page 14
1
Accounting policies
Company information

Hotter Shoes Limited is a private company limited by shares incorporated in England and Wales. The registered office is Woolovers House, Victoria Gardens, Burgess Hill, United Kingdom, RH15 9NB.

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's.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- 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: Interest income/expense and net gains/losses for financial instruments not measured at fair value; 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 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

The results are included in the consolidated financial statements of Wourth Group Limited. The consolidated financial statements of Wourth Group Limited are prepared in accordance with FRS 102 and are available to the public and may be obtained from Woolovers House, Victoria Gardens, Burgess Hill, RH15 9NB.

Hotter Shoes Limited
Notes to the Financial Statements (Continued)
For the 52 weeks ended 29 March 2025
1
Accounting policies
(Continued)
Page 15
1.2
Going concern

The Company is a trading company within the Wourth Group Limited group, which provides a treasury function for the wider group. The Company continue to trade profitably and generate positive cash flows, which ultimately can flow into the wider group to aid cash flow. The Company has net assets of £2.6m (2024: net liabilities of £0.6m). The directors have prepared cash flow forecasts for the Company which show that even when factoring in a possible downturn in consumer spending and the seasonality around product purchasing and sales, sufficient cash resources are available to finance its own trading for a period of at least 12 months from the date of approval of the financial statements without the need for amounts owed by group undertakings to be repaid. These cash flow forecasts are before any additional amounts are transferred out as part of the group treasury function.

Furthermore, in assessing the Company's ability to continue as a going concern, given the existence of a group treasury function and the support this can provide, the directors have made reference to the going concern note as disclosed in Wourth Group Limited as shown below:

“The Group is exposed to trading risk in a highly competitive retail sector. The Group is susceptible to a possible downturn in consumer spending, influenced by factors such as a reduction in disposable income and changing interest rates. The Directors have assessed, and stress tested the group’s financial position, budgets and cash flow forecasts for the period up to 31 December 2026.

All forecasts have also factored in the seasonality around revenue and stock purchases. Cash levels are expected to be at their lowest in August and September each year when the group are purchasing seasonal stock which is then converted to cash in a strong October to December period. This is particularly pertinent in WoolOvers Limited and Pure Collection Cashmere Limited. Even when flexed for underperformance on revenue targets, the cash forecasts remain in a positive position, in part due to the availability of a £12.5m revolving credit facility that is due to expire in April 2028.

The parent group has also confirmed it will provide financial support if required for a period of at least 12 months from the anticipated sign off date of the financial statements. Consequently, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for more than one year from the date of approval of these financial statements."

Accordingly, given the directors know of no reason why financial support will not be forthcoming in relation to the group treasury function, they continue to adopt the going concern basis of accounting in preparing the Company's financial statements.

1.3
Turnover

Turnover represents amounts receivable, net of value added tax and trade discounts, in respect of the sale of goods to customers.

Hotter Shoes Limited
Notes to the Financial Statements (Continued)
For the 52 weeks ended 29 March 2025
1
Accounting policies
(Continued)
Page 16

Sale of goods

For sale of goods to retail customers, revenue is recognised when control of the goods has transferred, being at the point the customer purchases the goods at the retail store. Payment of the transaction price is due immediately at the point the customer purchases the goods.

For internet and mail order sales, revenue is recognised when the goods are despatched to customers, being at the point the goods are delivered to the customer. Delivery occurs when the goods have been shipped to the customer's specific location. When the customer initially purchases the goods, the transaction price receivable is recognised as a payment in advance in other creditors until the goods have been delivered to the customer.

Any credits issued for future purchases must be used within a finite period. The company recognises a liability for all unused credits and makes an estimate for expected breakage, being any amounts that may be unclaimed at the year end. Any breakage amount is recognised as revenue based on the historic aged usage rates that apply to credits issued to customers.

Under the company's standard contract terms, customers have a right to return within 28 days. At the reporting date, a refund liability and a corresponding adjustment to revenue is recognised for those products expected to be returned. At the same time, the company has a right to recover the product when customers exercise their right of return so consequently recognises a right to returned goods and corresponding adjustment to cost of sales. The net value of the returns provision is recognised in other creditors based on the estimated returns after the reporting date of sales that occurred in the period. The company uses its accumulated historical experience to estimate the number of returns to be provided for.

Revenue from the sale of gift cards is deferred and recognised only when the gift card is redeemed by the customer and the related goods are despatched. Until redemption, the value of outstanding gift cards is recorded as deferred income. Where it becomes virtually certain that a gift card will not be redeemed, breakage income is recognised in the profit and loss account.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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, which is 3 years.

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.

1.5
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.

Hotter Shoes Limited
Notes to the Financial Statements (Continued)
For the 52 weeks ended 29 March 2025
1
Accounting policies
(Continued)
Page 17

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:

Land and buildings
1 to 5 years straight line
Fixtures and fittings
2 to 3 years straight line
Office Equipment
1 to 3 years 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 credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company 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.

1.7
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. The c ost of raw materials, consumables and goods for resale comprises direct materials and those overheads that have been incurred in bringing the stock to their present location and condition. The cost of work in progress and finished goods include direct materials, direct labour costs and attributable overheads that have been incurred in bringing the stock to their present location and condition.

Stock 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 stock 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.

Hotter Shoes Limited
Notes to the Financial Statements (Continued)
For the 52 weeks ended 29 March 2025
1
Accounting policies
(Continued)
Page 18
1.8
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.

1.9
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 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

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, 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, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 company 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.

Hotter Shoes Limited
Notes to the Financial Statements (Continued)
For the 52 weeks ended 29 March 2025
1
Accounting policies
(Continued)
Page 19
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 company 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. A m ounts 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 s ubsequently 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, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company 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 company.

1.11
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 year. 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 years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Hotter Shoes Limited
Notes to the Financial Statements (Continued)
For the 52 weeks ended 29 March 2025
1
Accounting policies
(Continued)
Page 20
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 when the company has 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.

1.12
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.

1.13
Retirement benefits

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

1.14
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 s asset are consumed.

1.15
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.

Hotter Shoes Limited
Notes to the Financial Statements (Continued)
For the 52 weeks ended 29 March 2025
Page 21
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Critical judgements

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Net realisable value of stock

The company makes an estimate of the net realisable values of stock which is based on assessments of future sales projections and prevailing market conditions. These are re-assessed annually and amended where necessary to reflect current estimates. Changes to these estimates could result in changes to the profit and loss for the period and to the carrying value of the stock. See note 11 for the carrying value of stock and changes to any provision made in the period.

Provision for sales returns and credit note breakages

The company makes an estimate of the post year end sales returns which is based on assessments of the expected level of returns within the 28 day returns policy. The company uses its accumulated historical experience of actual return levels to estimate the number of returns to be provided for. These are re-assessed annually and amended where necessary to reflect current estimates. Changes to these estimates could result in changes to the profit and loss for the period and to the value of the accrual.

An estimate is made for credit note breakages based on the historical trends of credit notes being claimed. This estimate is derived using aged data of the claims of credit notes during their finite lifetime. The estimate is updated at least annually to take account of any changes in trends.

Depreciation of tangible assets and amortisation of intangible assets

Depreciation is provided at rates calculated to write off the cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives. Amortisation is calculated to write off the cost of intangible fixed assets in equal annual instalments over their estimated useful lives. The company estimates the useful lives based on their historical experience and expectations of how long the assets will be used within the business.

Impairment of goodwill

The value of goodwill is shown at cost less amortisation less provision for impairment. The amortisation policy is set at 3 years.

The carrying value of goodwill is reviewed for impairment when an event or changes in circumstances indicate the carrying value may not be fully recoverable.

Provision for doubtful debts

The recoverability of trade debtors and intercompany debtors is regularly reviewed in the light of available economic information specific to each receivable and provisions are recognised for balances considered to be irrecoverable.

Hotter Shoes Limited
Notes to the Financial Statements (Continued)
For the 52 weeks ended 29 March 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
Page 22
Work in progress

The cost of work in progress includes the cost of direct materials and labour plus attributable overheads on a normal level of activity as estimated by the management.

3
Turnover and other revenue
2025
2024
£000's
£000's
Turnover analysed by geographical market
Sales - UK
49,359
24,621
Sales - USA
3,072
25
Sales - Rest of World
538
476
52,969
25,122
2025
2024
£000's
£000's
Other significant revenue
Interest income
64
22
4
Exceptional item
2025
2024
£000's
£000's
Expenditure
Exceptional costs
-
1,301

The exceptional costs incurred during the prior period related to the costs arising from the acquisition of the trade and assets of Hotter Shoes during that period.

5
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the period is stated after charging/(crediting):
£000's
£000's
Exchange losses
40
54
Research and development costs
2
-
Fees payable to the company's auditor for the audit of the company's financial statements
50
49
Depreciation of owned tangible fixed assets
160
411
Profit on disposal of tangible fixed assets
-
(5)
Amortisation of intangible assets
1,250
834
Operating lease charges
1,839
1,651
Hotter Shoes Limited
Notes to the Financial Statements (Continued)
For the 52 weeks ended 29 March 2025
Page 23
6
Employees

The average monthly number of persons (including directors) employed by the company during the 52 weeks was:

2025
2024
Number
Number
Administration and support
16
16
Sales
235
224
Other departments
156
164
Total
407
404

Their aggregate remuneration comprised:

2025
2024
£000's
£000's
Wages and salaries
10,546
6,045
Social security costs
611
406
Pension costs
201
187
11,358
6,638

Included within salary costs are recharged payroll costs from other group companies totalling

£993,134 (2024: £143,337).

7
Interest receivable and similar income
2025
2024
£000's
£000's
Interest income
Interest on bank deposits
64
22
8
Taxation
2025
2024
£000's
£000's
Current tax
UK corporation tax on profits for the current period
1,056
435
Adjustments in respect of prior periods
(197)
-
0
Group tax relief
393
-
0
Total current tax
1,252
435
Hotter Shoes Limited
Notes to the Financial Statements (Continued)
For the 52 weeks ended 29 March 2025
8
Taxation
2025
2024
£000's
£000's
(Continued)
Page 24
Deferred tax
Origination and reversal of timing differences
37
-
0
Total tax charge
1,289
435

The actual charge for the 52 weeks can be reconciled to the expected charge/(credit) for the 52 weeks based on the profit or loss and the standard rate of tax as follows:

2025
2024
£000's
£000's
Profit/(loss) before taxation
4,515
(147)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,129
(37)
Tax effect of expenses that are not deductible in determining taxable profit
23
260
Change in unrecognised deferred tax assets
21
5
Adjustments in respect of prior years
(197)
-
0
Depreciation on assets not qualifying for tax allowances
313
207
Taxation charge for the period
1,289
435
9
Intangible fixed assets
Goodwill
£000's
Cost
At 31 March 2024 and 29 March 2025
3,751
Amortisation and impairment
At 31 March 2024
834
Amortisation charged for the 52 weeks
1,250
At 29 March 2025
2,084
Carrying amount
At 29 March 2025
1,667
At 30 March 2024
2,917
Hotter Shoes Limited
Notes to the Financial Statements (Continued)
For the 52 weeks ended 29 March 2025
Page 25
10
Tangible fixed assets
Land and buildings
Fixtures and fittings
Office Equipment
Total
£000's
£000's
£000's
£000's
Cost
At 31 March 2024
100
219
196
515
Additions
-
0
1,472
138
1,610
At 29 March 2025
100
1,691
334
2,125
Depreciation and impairment
At 31 March 2024
100
200
111
411
Depreciation charged in the 52 weeks
-
0
96
64
160
At 29 March 2025
100
296
175
571
Carrying amount
At 29 March 2025
-
0
1,395
159
1,554
At 30 March 2024
-
0
19
85
104
11
Stock
2025
2024
£000's
£000's
Raw materials and consumables
1,916
532
Work in progress
62
7
Finished goods and goods for resale
6,580
8,289
8,558
8,828

Changes in finished goods recognised as cost of sales in the period amounted to £17.9m (2024: £14.7 m). The stock provision amounted to £648k (2024: £735k) at the reporting date.

12
Debtors
2025
2024
Amounts falling due within one year:
£000's
£000's
Trade debtors
588
555
Other debtors
586
1,461
Prepayments and accrued income
1,331
672
2,505
2,688
Hotter Shoes Limited
Notes to the Financial Statements (Continued)
For the 52 weeks ended 29 March 2025
Page 26
13
Creditors: amounts falling due within one year
2025
2024
£000's
£000's
Trade creditors
3,488
3,024
Amounts owed to group undertakings
2,865
9,597
Amounts owed to group undertakings in respect of corporation tax losses
393
-
0
Corporation tax
1,034
435
Other taxation and social security
941
1,233
Other creditors
875
246
Accruals and deferred income
2,882
1,968
12,478
16,503

Amounts totalling £2.865m (2024: £9.597m) relate to intercompany trading balances which do not carry any interest. All intercompany balances are repayable on demand.

Fixed and floating charges are secured over the trade and assets of the business in relation to the banking facilities available to the wider group.

14
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£000's
£000's
Accelerated capital allowances
40
-
Retirement benefit obligations
(3)
-
37
-
2025
Movements in the 52 weeks:
£000's
Liability at 31 March 2024
-
Charge to profit or loss
37
Liability at 29 March 2025
37

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

Hotter Shoes Limited
Notes to the Financial Statements (Continued)
For the 52 weeks ended 29 March 2025
Page 27
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£000's
£000's
Charge to profit or loss in respect of defined contribution schemes
201
187

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£000's
£000's
Issued and fully paid
Ordinary shares of £1 each
100
100
-
0
-
0
100
100
-
0
-
0
17
Operating lease commitments
Lessee

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

2025
2024
£000's
£000's
Within one year
1,201
514
Between two and five years
3,651
1,437
In over five years
804
162
5,656
2,113
18
Related party transactions

In accordance with FRS102 section 33 paragraph 33.1A, the company has not disclosed transactions with wholly owned subsidiaries or its parent company within the same group.

Hotter Shoes Limited
Notes to the Financial Statements (Continued)
For the 52 weeks ended 29 March 2025
Page 28
19
Ultimate controlling party

The company is a subsidiary undertaking of Wourth Group Limited, registered office Woolovers House, Victoria Gardens, Burgess Hill, RH15 9NB.

The ultimate controlling party is a fund managed by Verdane Fund Manager AB, an investment management firm, by virtue of its majority shareholding in Aurora Holdco Limited, registered office 1 Chapel Street, Warwick, United Kingdom, CV34 4HL.

The results are included in the consolidated financial statements of Wourth Group Limited. The consolidated financial statements of Wourth Group Limited are prepared in accordance with FRS 102 and are available to the public and may be obtained from Woolovers House, Victoria Gardens, Burgess Hill, RH15 9NB.

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