The notes on pages 2 to 10 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

PIA Jewellery Direct Limited is a private company limited by shares incorporated in England and Wales. The registered office is 29-30 Monument Business Park, Warpsgrove Lane, Chalgrove, Oxfordshire, OX44 7RW.

The accounting period for the company covers the period from 1 January 2024 to 31 March 2025 to be in line with their new parent group reporting date.

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 as applicable to companies subject to the small companies regime.

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. The principal accounting policies adopted are set out below.

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 current assets of £1.4m (2024: £1.2m) when including amounts due from group undertakings totalling £1.0m (2024: nil). 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. true

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.

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

Sale of 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.

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

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

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes expenditure incurred in acquiring the stocks, conversion costs and other costs in bringing them to their existing location and condition. The freight and delivery cost of bringing stock in to its existing location is estimated based on historic costs incurred and allocated across the stock lines on an apportioned basis.

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.

Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.

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.

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 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.

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.

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.

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.

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.

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 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 14 for the carrying value of

stock and changes to any provision made in the period.

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 is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected 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.

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.

The average monthly number of persons (including directors) employed by the company during the 15 month period was:

Changes in finished goods recognised as cost of sales in the period amounted to £1.7m (2023: £1.5m). The stock provision amounted to £24k (2023: £18k).

Amounts totalling £0.97m (2024: £Nil) relate to intercompany trading balances receivable 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.

Amounts totalling £Nil (2024: £0.19m) relate to intercompany trading balances payable which do not carry any interest. All intercompany balances are repayable on demand.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

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.

During the year, the company were charged £nil (2023: £27,984) for stock fulfilment services by a company with a common director. At the year end, this company was owed £nil (2023 - £nil).

During the year, the company were charged £nil (2023: £40,170) for consultancy services by companies with common directors. At the year end, this company was owed £nil (2023: £2,900).

At the reporting date the company was a subsidiary undertaking of Museum Selection Limited,

registered office 29-30 Monument Park, Chalgrove, Oxfordshire, England, OX44 7RW.

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.