Mitchell & Ness International Limited

	Page
Strategic Report	1
Directors' Report	2
Independent Auditor's Report	3—5
Statement of Income and Retained Earnings	6
Balance Sheet	7
Statement of Cash Flows	8
Notes to the Statement of Cash Flows	9
Notes to the Financial Statements	10—14

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

Review of the Business

Turnover has reduced by 40% to £9,689,209 and gross margins have also reduced from 18% to 13%.

There continues to be a strong demand for our product range although we are impacted by issues that affect the Global economy.

With the company’s retained reserves, strong cash position and support from the parent company, we can capitalise on our commercial strengths and take future expansion opportunities as they may arise.

Principal Risks and Uncertainties

Given the nature of the business, the principal risks and uncertainties are economic and operational.

Economic

The economic risk is based on risk of inflation, a downturn in the economy, increased costs in overheads and foreign exchange risk due to a large percentage of product being imported from outside the UK. These risks are managed by a continued focus on cost reduction and control and maintaining good currency management to mitigate risk.

Operational

Being able to supply stocked items and deliver on time is fundamental to our business.

Procedures are in place to deliver product on time through our distributor network.

Key Performance Indicators

The key performance indicators that the board monitor with regard to financial performance are as follows:

	2024	2023
	£	£
Turnover	9,689,209	16,261,146
Gross Profit	1,254,738	2,914,078
Gross Profit Margin	13%	18%
EBITDA Margin	(13%)	7%

Turnover decreased £6.57m (40%) in the year. There were decreases in turnover to both the UK and to the rest of Europe, Middle East and Africa. The decrease in turnover from the prior year reflects the challenges of operating in a competitive retail environment. Shifts in consumer behaviour, increased competitor activity and evolving market dynamics have impacted sales performance. The company continues to mitigate these risks through ongoing brand development, diversification of sales channels and increased investment in marketing initiatives.

The decrease in gross profit margin compared to the prior year primarily reflects increased supplier and freight costs, alongside higher shipping expenses driven by global economical conditions. The company continues to monitor its costs closely and is implementing measures to improve supply chain efficiency and protect margins where possible.

The directors will aim to continue to enhance performance by making use of KPI’s, in addition to monitoring non-financial matters including health and safety, staff retention, and customer service.

On behalf of the board

E A Arel

Director

3rd November 2025

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Mitchell & Ness International Limited

Company No. 06818077

Directors' Report For The Year Ended 31 December 2024

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal Activity

The company's principal activity continues to be that of wholesale and distribution of sports related accessories and apparel.

Directors

The directors who held office during the year were as follows:

G Schiffman
E Kumekpor	Resigned	14/02/2025
E A Arel	Appointed	13/01/2025

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Lancasters (Accountants) Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

E A Arel

Director

3rd November 2025

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Independent Auditor's Report

to the Members of

Mitchell & Ness International Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Mitchell & Ness International Limited for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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 entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Mitchell & Ness International Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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 or 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' Responsibilities Statement set out on page 2, 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.

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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 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 purpose of expressing an opinion of 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 Auditors' 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 Auditors' 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Mitchell & Ness International Limited

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 that 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.

Richard V Griggs FCA (Senior Statutory Auditor)

for and on behalf of Lancasters (Accountants) Limited , Statutory Auditor

3rd November 2025

Lancasters (Accountants) Limited

Chartered Accountants & Registered Auditor

Manor Courtyard

Aston Sandford

Bucks

HP17 8JB

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Mitchell & Ness International Limited

Statement of Income and Retained Earnings

For The Year Ended 31 December 2024

Statement of Income and Retained Earnings

		2024	2023
	Notes	£	£
TURNOVER	3	9,689,209	16,261,146
Cost of sales		(8,434,471 )	(13,347,068 )

GROSS PROFIT		1,254,738	2,914,078

Administrative expenses		(2,648,673 )	(1,756,605 )

OPERATING (LOSS)/PROFIT	4	(1,393,935 )	1,157,473
Interest payable and similar charges	8	-	(101 )

(LOSS)/PROFIT BEFORE TAXATION		(1,393,935 )	1,157,372
Tax on (Loss)/profit	9	-	(236,378 )

(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR		(1,393,935 )	920,994
RETAINED EARNINGS
As at 1 January 2024		3,343,628	2,422,634
As at 31 December 2024		1,949,693	3,343,628

The notes on pages 9 to 14 form part of these financial statements.

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Mitchell & Ness International Limited

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: 06818077

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	10		1,947,148		190,174

			1,947,148		190,174
CURRENT ASSETS
Stocks	11	3,636,520		3,737,340
Debtors	12	3,243,940		5,242,563
Cash at bank and in hand		630,859		646,115

		7,511,319		9,626,018
Creditors: Amounts Falling Due Within One Year	13	(7,308,674 )		(6,272,464 )

NET CURRENT ASSETS (LIABILITIES)			202,645		3,353,554

TOTAL ASSETS LESS CURRENT LIABILITIES			2,149,793		3,543,728

NET ASSETS			2,149,793		3,543,728

CAPITAL AND RESERVES
Called up share capital	14		200		200
Share premium account			199,900		199,900
Profit and Loss Account			1,949,693		3,343,628

SHAREHOLDERS' FUNDS			2,149,793		3,543,728

On behalf of the board

E A Arel

Director

3rd November 2025

The notes on pages 9 to 14 form part of these financial statements.

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Mitchell & Ness International Limited

Statement of Cash Flows

For The Year Ended 31 December 2024

Statement of Cash Flows

		2024	2023
	Notes	£	£
Cash flows from operating activities
Net cash generated from/(used in) operations	1	3,103,687	(2,807,611 )
Interest paid		-	(101 )
Tax paid		(1,095,163 )	(295,176 )

Net cash generated from/(used in) operating activities		2,008,524	(3,102,888 )

Cash flows from investing activities
Purchase of tangible assets		(1,919,923 )	(178,587 )



Increase/(decrease) in cash and cash equivalents		88,601	(3,281,475 )
Cash and cash equivalents at beginning of year	2	646,115	4,305,572
Foreign exchange losses on cash and cash equivalents		(103,857 )	(377,982 )

Cash and cash equivalents at end of year	2	630,859	646,115

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Mitchell & Ness International Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2024

Notes to the Statement of Cash Flows

1. Reconciliation of (loss)/profit for the financial year to cash generated from/(used in) operations

	2024	2023
	£	£
(Loss)/profit for the financial year	(1,393,935 )	920,994
Adjustments for:
Tax on (loss)/profit	-	236,378
Interest expense	-	101
Depreciation of tangible assets	162,949	22,954
Foreign exchange losses	103,857	377,982
Movements in working capital:
Decrease/(increase) in stocks	100,820	(373,972 )
Decrease in trade and other debtors	2,857,447	907,189
Increase/(decrease) in trade and other creditors	1,272,549	(4,899,237 )

Net cash generated from/(used in) operations	3,103,687	(2,807,611 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2024	2023
	£	£
Cash at bank and in hand	630,859	646,115

3. Analysis of changes in net funds

	As at 1 January 2024	Cash flows	As at 31 December 2024
	£	£	£
Cash at bank and in hand	646,115	(15,256)	630,859

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Mitchell & Ness International Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Mitchell & Ness International Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06818077 . The registered office is Building 1000 Westcott Venture Park, Westcott, Aylesbury, Buckinghamshire, HP18 0XB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10% Straight line
Plant & Machinery	20% Reducing balance
Fixtures & Fittings	25% Straight line
Computer Equipment	20% Straight line

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. Foreign Currencies

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

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Mitchell & Ness International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.7. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Turnover

Analysis of turnover by geographical market is as follows:

	2024	2023
	£	£
United Kingdom	2,447,085	4,114,901
Rest of the world	7,242,124	12,146,245

	9,689,209	16,261,146

4. Operating (Loss)/profit

The operating (loss)/profit is stated after charging:

	2024	2023
	£	£
Bad debts	(121,763)	178,355
Research and Development Costs	23,122	-
Depreciation of tangible fixed assets	162,949	22,954

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2024	2023
	£	£
Audit Services
Audit of the company's financial statements	33,490	35,725

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Mitchell & Ness International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2024	2023
	£	£
Wages and salaries	1,044,728	822,192
Social security costs	106,535	86,826
Other pension costs	93,009	55,833

	1,244,272	964,851

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2024	2023
Office and administration	9	7
Sales, marketing and distribution	7	5
Directors	2	2
Warehouse	6	5

	24	19

8. Interest Payable and Similar Charges

	2024	2023
	£	£
Other finance charges	-	101

9. Tax on Profit

	Tax Rate		2024	2023
The tax charge on the (loss)/profit for the year was as follows:
	2024	2023	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	-	236,378


Total tax charge for the period			-	236,378


The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:
			2024	2023
			£	£
Profit before tax			(1,393,935)	1,157,372

Tax on profit at 25% (UK standard rate)			(348,484 )	289,343
Expenses not deductible for tax purposes			127,604	11,574
Capital allowances			(18,038 )	(8,277 )
Difference in tax rates			-	(14,868 )
Tax losses unutilised carried forward			238,918	-
Changes in tax provisions due to legislation			-	(41,394 )

Total tax charge for the period			-	236,378

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Mitchell & Ness International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

10. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2024	153,655	76,956	95,649	72,290	398,550
Additions	1,848,547	58,553	12,823	-	1,919,923

As at 31 December 2024	2,002,202	135,509	108,472	72,290	2,318,473

Depreciation
As at 1 January 2024	2,457	56,609	82,888	66,422	208,376
Provided during the period	141,320	10,076	5,685	5,868	162,949

As at 31 December 2024	143,777	66,685	88,573	72,290	371,325

Net Book Value
As at 31 December 2024	1,858,425	68,824	19,899	-	1,947,148

As at 1 January 2024	151,198	20,347	12,761	5,868	190,174

11. Stocks

	2024	2023
	£	£
Stock	3,636,520	3,737,340

12. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	1,698,353	4,523,199
Amounts owed by group undertakings	564,331	659,146
Other debtors	981,256	60,218

	3,243,940	5,242,563

13. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	638,436	510,816
Amounts owed to group undertakings	5,849,809	4,272,118
Other creditors	706,456	1,181,020
Corporation tax	-	236,378
Taxation and social security	39,504	26,714
Accruals and deferred income	74,469	45,418

	7,308,674	6,272,464

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Mitchell & Ness International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

14. Share Capital

	2024	2023
Allotted, called up and fully paid	£	£
200 Ordinary Shares of £ 1.00 each	200	200

15. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	293,250	343,720
Later than one year and not later than five years	818,740	1,206,378

	1,111,990	1,550,098

16. Controlling Parties

Mitchel & Ness LLC, a Delaware limited liability company incorporated in the United States, is the immediate parent company. Their address is 235 S 17th Street, Philadelphia, PA 19103.

The company's ultimate parent company is Fanatics Commerce Holdco Inc , registered in the United States.

During the year, the company made sales of £1,156,528 (2023: £1,617,998) to Fanatics (International) Ltd, a subsidiary in the group.

During the year, the company made purchases of £2,997,330 (2023: £4,717,812) from Mitchell & Ness LLC.

Included in debtors is £564,331 (2023: £659,146) owed by Fanatics (International) Ltd.

Included in creditors is £5,354,647 (2023: £4,272,118) owed to Mitchell & Ness LLC.

Included in creditors is £495,162 (2023: £NIL) owed to Fanatics (International) Ltd.

The above transactions took place in the normal course of business and on an arms length basis.

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